Prudential Financial and a subsidiary have agreed to pay $600 million to resolve government allegations of deceptive market timing in the trading of mutual funds. The settlement is one of the largest resulting from a probe that rocked the fund industry for the past three years. In 2004 Bank of America agreed to a $675 million deal. The Justice Department will file a criminal charge against Prudential Financial and its subsidiary but will defer prosecution so long as the companies abide by the agreement.
August 29, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Prudential Financial Inc. and a subsidiary have agreed to pay $600 million in penalties to resolve government allegations of deceptive market timing in the trading of mutual funds, a Justice Department official said Monday.
The settlement is one of the largest resulting from a broad probe of market timing that has rocked the fund industry for the past three years. In 2004, Bank of America Corp. agreed to a $675 million deal.
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