AIG Settles With Ohio Over Bid-Rigging Suit

Law360, New York (April 7, 2010, 3:29 PM EDT) -- Beleaguered insurance giant American International Group Inc. has agreed to pay $9 million to settle a lawsuit alleging that it conspired with broker Marsh & McLennan Cos. Inc. to eliminate competition in the commercial casualty insurance industry.

The settlement, announced Wednesday by Ohio Attorney General Richard Cordray, ends the state of Ohio's suit against AIG in Cuyahoga County Common Pleas Court. Still remaining as defendants before Judge John J. Russo are Marsh & McLennan, Ace American Insurance Co., The Chubb Corp. and The Hartford Financial Services...
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