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News
AIG settles Ohio antitrust lawsuit for $9MCOLUMBUS, Ohio—American International Group Inc. will pay $9 million to settle an antitrust lawsuit stemming from bid-rigging allegations with the Ohio Department of Insurance.
The settlement, announced Wednesday by Ohio Attorney General Richard Cordray, still targets broker Marsh & McLennan Cos. Inc. and other insurers.
The suit, filed in 2007, charged that New York-based AIG conspired with Marsh and other insurers to eliminate competition in the commercial casualty insurance industry. The state’s complaint said the insurers and Marsh agreed to provide customers with false quotes, creating the impression that “competitive bidding had produced the best possible price,” during a period between 2001 and 2004.
The complaint named several AIG subsidiaries including American Home Assurance Co. Inc., Chartis Casualty Co., Commerce and Industry Insurance Co., Hartford Steam Boiler Inspection & Insurance Co., National Union Fire Insurance Co. of Pittsburgh, Pa., and others.
AIG denies wrongdoing. A spokesman for AIG said the insurer entered the agreement to avoid the uncertainty and expense of protracted litigation. “This will allow us to continue to focus on strengthening our businesses and repaying the American taxpayer,” he said.
The settlement agreement said AIG has settled similar allegations with New York for $375 million, and with attorneys general of Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon, Pennsylvania, Texas, West Virginia and the District of Columbia.
The funds will be distributed to 26 public entities throughout the state of Ohio, including universities, schools and cities.
The case continues against Marsh, ACE American Insurance Co., The Chubb Corp. and Hartford Financial Services Group, Mr. Cordray said.
Marsh already paid $850 million in 2005 to the New York attorney general’s office to settle a similar lawsuit. The company has denied wrongdoing in the Ohio antitrust case. A Marsh spokesperson did not immediately respond to a request for comment.
Mr. Cordray’s office said it will continue to pursue a separate class action securities fraud suit against AIG, filed on behalf of several Ohio state pension funds.
Posted On: Apr. 07, 2010 10:50 AM CENTRAL
http://www.businessinsurance.com/article/20100407/NEWS/100409939
