Prudential Braces for Wachovia Settlement
NJBIZ, Aug 18, 2008
Newark's Prudential Financial, Inc. last week prepared itself for a $125 million charge to this year's third-quarter earnings, a day after Wachovia Corp., its partner in a joint venture, set aside $500 million for a potential settlement with regulators.
Prudential is a 38 percent partner with Wachovia in Wachovia Securities Financial Holdings, LLC of St. Louis.
Wachovia is in discussions with state regulators and the Securities and Exchange Commission to settle investigations concerning the underwriting, sale and auctions of certain securities by its subsidiaries, according to an Aug. 11 filing by Wachovia.
Prudential said in a regulatory filing its plan was prompted by Wachovia's filing. - Shankar P.
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