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NEWARK, N.J.--Prudential Financial Inc. may pay up to $20 million to resolve an investigation into its broker compensation practices, according to a media report.
Citing unnamed sources, Bloomberg News Thursday said the Newark, N.J.-based company may announce a settlement with New York Attorney General Eliot Spitzer as early as this week.
A Prudential spokeswoman declined to comment, as did a spokesman for Mr. Spitzer.
Prudential was named in a November 2004 contingent commissions and steering lawsuit filed by Mr. Spitzer against defunct life and disability broker Universal Life Resources Inc. ULR in January 2006 paid $2 million to settle the suit.
Also in November 2004, Prudential was one of five insurers and brokers named in a lawsuit filed by California Insurance Commissioner John Garamendi that alleged the insurer and others violated state law by hiding hundreds of millions of dollars in kickbacks paid to ULR to get business.
Chattanooga, Tenn.-based UnumProvident Corp. last month reached settlements with Messrs. Spitzer and Garamendi, agreeing to pay more than $17 million in policyholder restitution and fines and to change the way the disability insurer compensates brokers and consultants (BI, Nov. 6).