Prudential settles “sham reinsurance” lawsuit with SEC
Prudential Financial has agreed to settle a lawsuit by the US Securities and Exchange Commission alleging that it improperly reported more than $200m in income through sham reinsurance contracts with General Reinsurance Corp.
Prudential didn't admit or deny the allegations and consented to a permanent injunction, the SEC said.
The SEC filed the civil lawsuit in New Jersey federal court on 6 August against Prudential
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