Benefits Broker, Conn. Settle Over Insurer Kickbacks

Law360, New York (March 4, 2009, 12:00 AM EST) -- Employee benefits brokerage firm USI Consulting Group Inc. has agreed to pay nearly half a million dollars in fines and implement business changes in a settlement with the Connecticut Attorney General’s Office over allegations that the broker accepted kickbacks from insurers in exchange for helping them obtain lucrative pension plan business.

On Wednesday, Connecticut Attorney General Richard Blumenthal announced the settlement, under which the Glastonbury, Conn.-based brokerage will pay $470,000 to the state’s general fund and has agreed to certain business reforms, including greater disclosure to...
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