Spitzer Accuses Life Settlement Company Of Bid-Rigging

Law360, New York (October 26, 2006, 12:00 AM EDT) -- A company that helps people cash in their life insurance policies early has become the latest target of New York State Attorney General Eliot Spitzer, who filed a lawsuit Thursday accusing the company of engaging in anti-competitive behavior.

Spitzer has alleged that Philadelphia-based Coventry First LLC paid off competitors in order to win bids, and charged overly high commissions.

In the suit, filed in New York Supreme Court on Thursday, Spitzer claimed that the company often paid competing brokers “co-brokering fees.” In exchange for the payments,...
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