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Lawsuit Claims Prudential Insurance Co. Misused Its Own Pension Assets
A lawsuit alleges that Prudential used more than $10 billion in pension fund to invest in Prudential's own investment strategies and products, thereby reaping hefty management fees. Prudential also sold risk guarantees to pocket millions in charges, despite the fact that, as a sponsor, Prudential already was on the hook to pay pension benefits.
Prudential is attempting to settle the lawsuit.
Source: Pension & Investments, December 8, 2003
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