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Zurich To Pay $153M To Settle Bid-Rigging, Accounting Investigations

Zurich Financial Services will pay New York, Illinois and Connecticut $153 million to settle charges of insurance bid-rigging, Bloomberg News reports. The latest settlement by Zurich brings to 12 the number of states with similar investigations, which have yielded $324 million in restitution.

Zurich Financial Services will pay New York, Illinois and Connecticut $153 million to settle charges of insurance bid-rigging, Bloomberg News reports. The latest settlement by Zurich brings to 12 the number of states with similar investigations, which have yielded $324 million in restitution.  

"Zurich's willingness to acknowledge problems, adopt reforms and provide appropriate compensation to customers will help the company move forward and will help promote full and fair competition in the insurance industry," New York Attorney General Eliot Spitzer said in a statement.

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