Ace Shells Out $80M To End Bid-Rigging Probe

Law360, New York (April 26, 2006, 12:00 AM EDT) -- Marking the latest development in New York Attorney General Eliot Spitzer’s crusade against corruption in the insurance industry, Ace Ltd. has agreed to settle a bid-rigging investigation by New York, Connecticut and Illinois for $80 million.

Ace alluded to the settlement amount this week when it reported record first-quarter earnings of $489 million, saying that number included “an $80 million pre-tax charge pertaining to the imminent settlement with certain governmental agencies of their investigations of various insurance industry business practices.”

However, a company spokesperson declined to...
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