Zachary Tracer

MetLife Inc., the largest U.S. life insurer, cut its advisor force by a third, eliminating 2,500 jobs as the company scales back variable annuity sales and turns to other nations for growth.

A cap that President Obama has proposed on the size of tax-advantaged retirement accounts is seen as potentially pushing savers to another product that limits payments to the government: life insurance.

Trades were placed one to two days after the orders arrived by fax or mail, causing some customers to get inferior prices from late 2003 until June 2011, the Financial Industry Regulatory Authority said in a statement.

Bank of America Corp. agreed to a $2.43 billion settlement with investors who suffered losses during its acquisition of Merrill Lynch & Co., resolving one of the biggest legal battles to stem from the takeover.

Prudential Financial Inc. has emerged as the lead bidder for Hartford Financial Services Group Inc.'s individual life insurance business, which may sell for about $1 billion, said two people with knowledge of the matter.