Prudential Financial Settles Price-Bias Suit

Prudential Financial Inc. settled a lawsuit alleging it charged blacks more than whites for some life insurance policies. It will refund excess premiums and make $1 million in donations to black groups.

Prudential, which announced a $1.15-billion takeover of the U.S. life unit of Skandia earlier in the day, said it would pay back excess premiums, plus interest, paid by black customers on 201 policies that it determined were priced unfairly.