Tuesday, August 29, 2006

Prudential to Settle on Market Timing

Prudential Financial may be close to settling charges concerning market timing of mutual funds.

NEW YORK (Reuters) - Prudential Financial Inc. (NYSE:PRU - news) may be close to a settlement with authorities that would resolve market timing investigations as early as Monday, Bloomberg News reported on Friday.

As part of the settlement expected to be announced on Monday, Prudential will pay about $600 million, according to a report on the Wall Street Journal Web site citing unnamed sources.

Under the agreement, Prudential, the second-largest life insurer in the United States, will avoid criminal prosecution the Bloomberg story said, sourcing it to people familiar with the probes.

Just another example of brokers looking out for their own interests. Click on the title to read the entire article.

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