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Chubb Settles Bid-Rigging Charges For $15M

Law360 (December 21, 2006, 12:00 AM EST) -- Insurance company Chubb Inc. has agreed to pay $15 million to wrap up an investigation into allegations that the company participated in a widespread bid-rigging scheme.

After a two-year investigation, the attorneys general of Connecticut, New York and Illinois found that Chubb encouraged insurance brokers to steer business to the company by offering commissions, which created a conflict of interest for the brokers.

"With this settlement, Chubb has stepped up and taken the lead in adopting reforms designed to improve transparency concerning compensation of brokers and...
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