Travelers Settles Securities Fraud Case for $77M

Law360, New York (January 4, 2008, 12:00 AM EST) -- Travelers Cos. Inc. has agreed to pay $77 million to put to rest a purported class action alleging insurance securities fraud resulting from the company's alleged involvement in a bid-rigging scandal, the New Mexico attorney general announced Thursday.

The lead plaintiffs, which are the state of New Mexico and its retirement systems, estimated that its losses due to the alleged insurance securities fraud approached $8 million.

Final reimbursement numbers will be worked out in the ongoing damage recovery process, according to the attorney general's office....
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