INSURANCE
From Times Staff and Wire Reports
Duff & Phelps Trims Claims-Paying Rating of Prudential: The rating agency’s move was the first against the giant insurer to stem from the huge payments Prudential may have to make to investors who say they were defrauded by its Prudential Securities unit’s limited partnerships during the 1980s. Duff & Phelps lowered its rating on the Newark, N.J.-based insurer to AA+ from AAA, the top grade. Prudential Securities has agreed to pay at least $371 to resolve fraud claims under a settlement agreement with federal and state regulators.
