Principal Financial Receives Spitzer Subpoena

March 4, 2005 ( - The Principal Financial Group has announced that it has received a subpoena from New York State Attorney General Eliot Spitzer.

The subpoena relates to information on compensation agreements for the sale of retirement products, according to  a brief statement  on the company’s Web site. The company said it will cooperate fully with the investigation.

Eliot Spitzer has recently been probing a number of industries, including mutual funds and insurance, over possible illegal acts. Over $3 billion in fines have been collected in the ongoing mutual fund scandal, in which some funds were allowing hedge funds and other preferred clients to trade after the close and also market-time certain funds (See Spitzer Fund Abuse Probe Pumps Out More Subpoenas ). Multiple insurance companies have also paid large fines for bid-rigging, and executives from Marsh & McLennan and AIG have been indicted on criminal charges relating to the probe (See Spitzer Takes On Contingent Commissions ) .