St. Paul Travelers Settles Bid-Rigging Charges

Law360, New York (August 1, 2006, 12:00 AM EDT) -- In the latest chapter in the industrywide investigation into bid-rigging in the insurance industry, St. Paul Travelers Companies Inc. has agreed to cough up $77 million to settle with policyholders as well as authorities in New York, Connecticut and Illinois.

St. Paul Travelers, a major provider of homeowners, automobile and business insurance, did not admit to any violation of federal or state law as part of the settlement announced Tuesday.

But New York Attorney General Eliot Spitzer said St. Paul apologized for its past business practices...
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