Spitzer nearing more insurance settlements: source
NEW YORK (Reuters) – New York Attorney General Eliot
Spitzer is in the late stages of talks with a number of U.S.
and foreign insurers and brokers resulting from a two-year
investigation into bid-rigging and fraudulent use of finite
insurance, a person familiar with the situation said on Friday.
Spitzer, whose landmark civil suit against Marsh & McLennan
Cos. in October 2004 alleged widespread price fixing and
bid-rigging in insurance markets, expects to begin announcing a
series of settlements as early as “the next month or so,” said
the source, who asked not to be named.
The source also said Spitzer expects to reach settlements
with smaller insurance brokers that are accused of engaging in
similar bid-rigging activity, as well as several related
The Attorney General’s office declined to comment.