ACE Group Holdings Inc. and its subsidiaries agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims. The settlement resolves allegations of bid-rigging and price-fixing in the commercial insurance market in their dealings with insurance broker, Marsh & McLennan.
The states involved with the settlement include Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon Texas and West Virginia and the District of Columbia. Pursuant to the settlement terms, ACE will be required to disclose the actual amount of payments made to insurance brokers upon request from its customers and prospective policyholders.
For more information on this story, please see the upcoming issue of Mealey's Litigation Report: Insurance Broker Liability available on Nov. 20th.