Zurich American Coughs Up $7M More In Scandal

Law360, New York (October 25, 2006, 12:00 AM EDT) -- After paying nearly $325 million to settle allegations of bid-rigging and price-fixing in the insurance industry, a unit of Zurich Financial Services will reach into its pocketbook yet again to settle allegations in Ohio.

Zurich American Insurance Co. and its subsidiaries have agreed to pay $5 million in civil penalties and $2 million to reimburse Ohio for the costs of the antitrust suit it brought against the company.

The settlement will resolve allegations that the company conspired with other insurers and insurance broker Marsh & McLennan...
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