Prudential Financial Inc. said it has settled a suit brought by the Securities and Exchange Commission alleging it had set up a sham reinsurance transaction with General Reinsurance Corp. for Prudential's property-casualty insurance subsidiaries.
The Newark, N.J.-based life insurer neither admitted nor denied the allegations and paid no monetary fine or penalty, according to Wednesday's filing with the SEC.
The company, in the settlement, agreed not to enter into future violations of securities laws and related rules and regulations of the SEC.
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