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Genworth Subpoenaed In Bid-Rigging Probe

Law360 (March 1, 2007, 12:00 AM EST) -- Insurance holding company Genworth Financial has disclosed that one of its subsidiaries is under investigation for bid-rigging.

Both the U.S. Securities and Exchange Commission and the U.S. Department of Justice have issued subpoenas to one of the financial services company’s business units, the company said in a recent 10k filing.

The agencies are investigating allegations of bid-rigging related to guaranteed investment contracts (GICs) sold to municipalities.

“The company said it would cooperate fully with the investigation, and explained that it has not issued, and does not...
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