Employee Retirement Plan Sponsors or Administrators
Investigation and pending class action lawsuit against American Skandia Life Assurance Corporation brought on behalf of all trustees, sponsors and administrators of employee benefit plans (the "Plans") that own variable annuity contracts from American Skandia Life Assurance Corporation
The class action complaint alleges that American Skandia breached its fiduciary duties to the Plans by charging excessive fees for its services and engaging in prohibited transactions. Specifically, the class action complaint alleges that American Skandia received payments from mutual funds in which it invested funds from the Plans, and that American Skandia improperly kept those payments for its own benefit rather than crediting the money received to the Plans.
Name (Stock Symbol)
American Skandia Life Assurance Corporation
American Skandia Life Assurance Corporation sells variable and fixed annuities. Prudential Financial Inc wholly owns American Skandia Life Assurance Corporation. American Skandia products are now sold under the PRudential name.
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