Mutual Of Omaha To Settle Broker Case For $1.7M

Law360, New York (May 14, 2008, 12:00 AM EDT) -- Mutual of Omaha Insurance Co. has agreed to pay $1.7 million and adopt business reforms to settle allegations that it illegally gave covert payments to brokers to gain access to lucrative pension-plan business.

Connecticut Attorney General Richard Blumenthal announced Wednesday that Mutual will pay $1.5 million of the settlement into a restitution fund for pension plan customers who were hurt by the alleged scheme. The balance of the settlement is a civil penalty the insurance company will pay to the state of Connecticut.

“More than the...
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