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Prudential settles California class action case

The Wall Street Journal reports that Prudential quietly settled another class action suit in California in January that involved 124 policyholders and further allegations of misleading sales tactics of Prudential's life insurance.

The Journal reports that at least $62 million will go to the plaintiffs and that a Prudential spokesman confirmed the settlement. About 40 percent will go to the plaintiffs' attorneys, which is a common level of compensation for this kind of class action case. The settlement included a confidentiality agreement, meaning that neither side will comment on the outcome.

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