Hartford Financial Reaches $20M Settlement With NY, CT

Law360, New York (May 10, 2006, 12:00 AM EDT) -- In the latest development in New York Attorney General Eliot Spitzer’s crackdown on the insurance industry, one of the nation's largest financial services and insurance companies this week reached a $20 million settlement agreement with state authorities in New York and Connecticut over civil fraud charges.

"This investigation shows how payoffs and deception influenced major deals for retirement products," said Spitzer in a statement. "This was wrong. But the company at the center of the scandal has acknowledged misconduct, provided compensation for those who were harmed,...
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