Ace Pays $9M To End Bid-Rigging Probe

Law360, New York (May 14, 2007, 12:00 AM EDT) -- After forking over $80 million last year to end a long-running bid-rigging investigation, Ace Ltd. has agreed to shell out another $9 million in fines and restitution to Pennsylvania to put to rest allegations of market collusion in the insurance industry.

On Monday, state insurance Commissioner Randy Rohrbaugh announced the settlement, which marked the largest of its kind in Pennsylvania.

“Our extensive investigation has focused on improper activity relating to Ace’s quoting and commission practices,” Rohrbaugh said. “Our main objectives are to identify and terminate illegal...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.