ACE Group Pays $4.5M to Settle Antitrust Allegations

Law360, New York (October 25, 2007, 12:00 AM EDT) -- Insurance carrier ACE Group Holdings Inc. has agreed to pay $4.5 million to settle charges that it conspired to rig bids and fix prices in the commercial insurance market, Florida's Attorney General announced Thursday.

Government entities, companies and non-profit organizations ended up paying higher premiums as a result of the alleged scheme, according to Florida Attorney General Bill McCollum. Other states were also involved the investigation and the resulting settlement, including Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virgina and the District of Columbia.

“The insurance...
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