Ace Settles Bid-Rigging Probe for $80 Million
From the Associated Press
Insurance company Ace Ltd. settled a bid-rigging investigation by New York, Illinois and Connecticut for $80 million in restitution and penalties, New York Atty. Gen. Eliot Spitzer said.
Ace, a holding company based in Bermuda, and its subsidiaries were accused of bid rigging and improper transactions in so-called finite-risk insurance and reinsurance contracts.
Ace agreed to reform its practices and issued an apology, Spitzer said.
A company spokesman declined to comment.
