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Prudential could get record fine: New Jersey state regulators said a multistate task force has recommended a record $35 million fine against Prudential Insurance Co. of America for improper sales practices. The task force also called for Newark-based Prudential to reimburse customers. The settlement came in response to complaints that agents had improperly pressured unsophisticated investors into replacing their life insurance policies to generate commissions, a practice known as churning. The task force findings are not binding: Each affected state may choose to sign a consent order with Prudential to compensate customers.
