Zurich Shells Out More In Bid-Rigging Settlement

Law360, New York (March 27, 2006, 12:00 AM EST) -- A week after one of its units settled bid-rigging charges for $171.7 million, Zurich Financial Services, Switzerland’s largest insurer, agreed on Monday to pay $153 million to resolve similar allegations by New York, Connecticut and Illinois.

The latest agreement bumps up to nearly $325 million in settlements Zurich has made with 12 U.S. states. After New York Attorney General Eliot Spitzer exposed the price-fixing and bid-rigging scams in late 2004, other states followed his lead. Spitzer has nabbed 17 guilty pleas, with three coming from Zurich...
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