Travelers Cos. Settles Bid-Rigging Claims

Law360, New York (January 2, 2008, 12:00 AM EST) -- Travelers Companies Inc. agreed to pay $6 million to a multistate task force to resolve allegations that the company was involved in a bid-rigging and price-fixing plot in the commercial insurance market, the company and the Florida attorney general revealed Monday.

According to the Florida attorney general's office, Travelers was allegedly involved in a much-probed plot with Marsh & McLennan Cos. and other insurance brokers. They allegedly submitted fake bids to create an illusion of a fair bidding process, even though the broker had already preselected...
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