Bloomberg reports that the Des Moines, Iowa-based Principal issued a statement earlier this week revealing the May 12 receipt of the subpoena. Principal said it “intends to fully cooperate with the inquiry.”
Principal’s revelation comes after word that Spitzer is taking a broad-brush look at the retirement services industry and how it operates (See NY Attorney General To Investigate 401(k) Investments ).
“This is part of a broad review of the sale and marketing of retirement products,” Spitzer spokesman Darren Dopp said, according to a Bloomberg news report. “We’re looking throughout the industry at all the major players.”
Principal previously disclosed a January subpoena from Connecticut Attorney General Richard Blumenthal regarding payments to insurance brokers and sales of annuities.