Prudential Financial Inc., facing regulatory scrutiny and a lawsuit over a sales relationship with Wells Fargo & Co., said it may press its partner to cover costs after halting the offering — another sign the bank has yet to contain the full fallout of its bogus-account scandal, Bloomberg News reported yesterday. Prudential “has provided notice to Wells Fargo that it may seek indemnification,” the Newark, New Jersey-based insurer said in a Feb. 17 regulatory filing, referring to their agreement to sell MyTerm life coverage to Wells Fargo customers. Prudential didn’t quantify the sum that it might pursue. Wells Fargo’s sales practices are being scrutinized on multiple fronts after authorities fined the bank $185 million in September for signing customers up for bank accounts and credit cards without permission. ProPublica said yesterday that the firm placed the head of a mortgage-lending unit in Los Angeles, Tom Swanson, on leave while examining allegations some customers were charged to lock in low interest rates when the bank delayed applications. Prudential suspended MyTerm sales through Wells Fargo in December.
