Prudential Subsidiaries Pays $33M for Charges
Two of Prudential subsidiaries, AST Investment Services Inc. and PGIM Investments LLC, agreed to pay nearly $33 million to resolve their charges. Moreover, the two companies failed to disclose conflicts of interest. And also, they made some misleading disclosures regarding 94 insurance-dedicated mutual funds they advised.
Based on the Securities and Exchange Commission (SEC), the Prudential subsidiaries need to disgorge $27.6 million. And then pay another civil fine of $5 million.
Aside from that, AST and PGIM self-reported their misconduct, which the SEC acknowledged. In addition to that, the adequately complied with the investigation and reimbursed the funds worth more than $155 million voluntarily.
Moreover, the settlement happened as the SEC is looking to stamp out undisclosed conflicts of interest among investment advisers and their clients.
Co-chief Dabney O’Riordan, “Investment advisers must be vigilant in monitoring for conflicts related to actions taken by affiliates. And must act consistently with their representations to their clients.”
O’Riordan also said that AST and PI enacted to benefit their parent company. And they did that even though the costs of those acts would impose on their clients.
LG Company
Meanwhile, on Tuesday, the LG Display company of South Korea said about its voluntary redundancy program for its domestic production line employees. And this happened amid increasing financial losses.
The company announced that Chief Executive Han Sang-Beom resigned following an emergency board meeting. After that, it reported the chance of job cuts. As of now, the firm did not specify how many of its about 23,000 South Korean production line workers it hoped would take up the offer.
For quite some time now, LG has been struggling with global supply gut in liquid-crystal displays used in television sets, which dropped prices.
Furthermore, the South Korean company is changing its mainstay liquid LCD business toward next-generation organic light-emitting diode (OLED) panels. And this will cost a massive investment as the LCD panel industry is full of Chinese rivals.
Based on the Securities and Exchange Commission (SEC), the Prudential subsidiaries need to disgorge $27.6 million. And then pay another civil fine of $5 million.
Aside from that, AST and PGIM self-reported their misconduct, which the SEC acknowledged. In addition to that, the adequately complied with the investigation and reimbursed the funds worth more than $155 million voluntarily.
Moreover, the settlement happened as the SEC is looking to stamp out undisclosed conflicts of interest among investment advisers and their clients.
Co-chief Dabney O’Riordan, “Investment advisers must be vigilant in monitoring for conflicts related to actions taken by affiliates. And must act consistently with their representations to their clients.”
O’Riordan also said that AST and PI enacted to benefit their parent company. And they did that even though the costs of those acts would impose on their clients.
LG Company
Meanwhile, on Tuesday, the LG Display company of South Korea said about its voluntary redundancy program for its domestic production line employees. And this happened amid increasing financial losses.
The company announced that Chief Executive Han Sang-Beom resigned following an emergency board meeting. After that, it reported the chance of job cuts. As of now, the firm did not specify how many of its about 23,000 South Korean production line workers it hoped would take up the offer.
For quite some time now, LG has been struggling with global supply gut in liquid-crystal displays used in television sets, which dropped prices.
Furthermore, the South Korean company is changing its mainstay liquid LCD business toward next-generation organic light-emitting diode (OLED) panels. And this will cost a massive investment as the LCD panel industry is full of Chinese rivals.
𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 - 𝐒𝐭𝐨𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐅𝐨𝐫𝐞𝐱 𝐍𝐞𝐰𝐬 & 𝐅𝐨𝐫𝐞𝐱 𝐁𝐫𝐨𝐤𝐞𝐫𝐬
www.FinanceBrokerage.com
t.me/NFT_crypto_news_trading_signals
www.FinanceBrokerage.com
t.me/NFT_crypto_news_trading_signals