Prudential Japan Sets Up Panels on Misconduct, Reimbursement

Prudential Financial Inc. said it’s setting up committees to examine misconduct by the insurer’s employees in Japan and consider reimbursements, in the wake of more than ¥3.1 billion ($19.9 million) in damages to customers.

One panel will include four lawyers who will probe why the wrongdoings happened and related governance issues, Prudential said in a statement on Tuesday. The insurer said it will cooperate fully with the probe, and the results will be made public promptly when completed.