Russian Insurer Can't Escape $1M Price-Fixing Fine

Law360, New York (October 7, 2011, 3:57 PM EDT) -- A Russian arbitration court has upheld a 35 million ruble ($1.1 million) antitrust fine against Renaissance Insurance Group Ltd. for scheming to fix auto coverage rates for customers at two banks, the country's antitrust watchdog revealed Thursday.

The Federal Anti-Monopoly Service — which fined Renaissance and a slew of other banks and insurers 115 million rubles after finding they had conspired to fix prices — said the Moscow arbitration court had dismissed the insurer's challenge of the administrative penalty Sept. 28.

A representative for Moscow-based Renaissance...
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