Arthur J. Gallagher & Co. Settles Price-Fixing Probe

Law360, New York (January 1, 2007, 12:00 AM EST) -- State and federal crackdowns on insurance antitrust practices have brought another pricey resolution as brokerage Arthur J. Gallagher & Co. will pay $36.9 million to settle a federal class-action lawsuit that accused the company of steering business for contingent commissions.

Under the settlement, which is subject to New Jersey District Court approval, Gallagher will pay $28 million to current and former clients. The company will also pay $8.9 million in plaintiff's attorney fees.

Gallagher admitted no wrongdoing in the settlement that was announced Dec. 29, but...
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