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Friday, April 13, 2007

Two Sue Pru

by: Erin Kello

Robert Waas, a one-time managing director, and Robert Germano, a former senior portfolio manager, at Prudential Investment Management, have sued the company. The two allege that they were fired or forced out after accusing the firm of improperly changing the investment objective for certain municipal bond funds in the JennisonDryden lineup, reports the Newark Star-Ledger. The original strategy for the fund managed by Waas and Germano involved maximizing tax- exempt income, but they were later told to focus on price appreciation. The pair believe the change in objectives violated fund policies as board members and shareholders were not notified.  

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