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The Hartford Financial Services' executives sued.

Publication: Knight-Ridder Tribune Business News
Publication Date: 04-NOV-04 		Format: Online - approximately 880 words
Delivery: Immediate Online Access

Article Excerpt
Byline: Diane Levick

Nov. 4--The Hartford's executives and directors mismanaged the company and enriched themselves while concealing commission payment practices that have spurred widespread investigations, a new lawsuit says.

New York shareholder Philip Stampfel has filed suit in New Haven federal court seeking an unspecified amount of restitution for the company and whatever damages the company sustained as a result of their alleged wrongdoing.

Unlike shareholder class actions, the new suit does not seek damages for shareholders. As a "derivative" suit, it seeks to have 14 top executives and directors of The Hartford Financial Services Group Inc. pay the company for the damage they allegedly caused.

The company is already facing some conventional class actions as a result of New York Attorney General Eliot Spitzer's lawsuit last month against broker Marsh...

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