Ace Settles Bid-Rigging Probe for $80 Million
- Share via
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.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
