8-K: Current report
Published on
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 11, 2002
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PRUDENTIAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
New Jersey 001-16707 22-3703799
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
751 Broad Street
Newark, New Jersey 07102
(Address of principal executive offices and zip code)
(973) 802-6000
(Registrant's telephone number, including area code)
Item 5. Other Events.
A jury in an action in Ohio State Court has awarded $11.7 million in
compensatory damages and $250 million in punitive damages against Prudential
Securities Incorporated, a wholly owned subsidiary of Prudential Financial, Inc.
The awards were made in connection with the class action case of Dale Burns et
al. vs. Prudential Securities Inc. and Jeffrey Pickett, in which a former
Prudential Securities financial advisor was alleged to have transferred, without
authorization, his clients' equity mutual funds into fixed income funds in
October 1998. Prudential believes the damages were not legally justified, and it
plans to ask the court to set them aside. If that is unsuccessful, Prudential
intends to appeal the award.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: October 15, 2002 Prudential Financial, Inc.
By: /s/ Anthony S. Piszel
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Name: Anthony S. Piszel
Title: Controller (Principal Accounting Officer)
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