Ace Exits Insurance Bid-Rigging Suit For $2M

Law360, New York (December 16, 2011, 10:36 PM EST) -- Ace American Insurance Co. agreed Friday to pay nearly $2 million to settle allegations in Ohio state court that it conspired with other insurers to eliminate competition in the commercial casualty insurance industry.

Ohio Attorney General Mike DeWine said the $1.97 million settlement sent the message that his office would vigorously enforce the state's antitrust laws to ensure that Ohio's citizens and its businesses received the benefit of a competitive marketplace.

"I take very seriously any allegation of a scheme that has overcharged and thus weakened...
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