Principal Financial Gets Subpoena

Spitzer seeks information on retirement product marketing.
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Principal Financial Group (PFG) - Get Report said it received a subpoena last week from the New York attorney general's office seeking information related to how the company sells retirement products and services.

The Des Moines, Iowa-based company said Tuesday that it intends to cooperate fully.

As reported by the

Associated Press

, similar investigations have begun in many states during the past several years over accusations that brokers were paid by insurers to direct business to the insurance companies.

Principal was originally subpoenaed by New York Attorney General Elliott Spitzer's office in March 2005 seeking similar information, the

AP

said.

The company announced separately that its board authorized the repurchase of up to $500 million of the company's outstanding common stock. The $250 million program authorized in November 2005 has been fully executed.