Merrill To Fork Over $18M In Ill. Funeral Group Probe

Law360, New York (May 21, 2009, 12:00 AM EDT) -- Merrill Lynch Life Agency Inc. has agreed to hand over $18 million to resolve an Illinois probe into an alleged scheme by one of the insurer's agents that resulted in the Illinois Funeral Directors Association being in the red by more than $50 million in 2008.

The Illinois Division of Insurance revealed the $18 million settlement with Merrill on Thursday, saying the money will go to pay off the losses incurred by the association.

”More than 47,000 Illinois families prepaid for funerals as an aid to...
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