Russia To Fine Insurers At Least $2.3M For Collusion

Law360, New York (January 19, 2011, 6:40 PM EST) -- Russian antitrust regulators have accused several banks and insurers of fixing prices for auto insurance and plan to fine the companies at least 70 million rubles ($2.3 million) for the alleged collusion.

Russia's Federal Antimonopoly Service launched administrative proceedings against Consumer Finance Co. CJSC, CFC Commercial Bank OJSC, KRK-Strakhovanie Ltd., AlphaStrakhovanie OJSC, MSK Insurance Group OJSC, Rosgosstrakh Ltd., Admiral Insurance Group Ltd., Renaissance Strakhovanie Group Ltd. and Russkaya Insurance Co. OJSC, the regulator said Monday.

FAS Russia Deputy Head Andrey Kashevarov said he expected the watchdog...
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