Nine states throughout the US filed charges against the company regarding allegations of commercial insurance price fixing and bid rigging. Zurich and other firms worked with Marsh & McLennan to devise an anticompetitive scheme to artificially inflate premiums and pay improper commissions to insurance brokers. Zurich American has agreed to pay a $171.7 million class action settlement; $151.7 million will be awarded to policyholders from California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas and West Virginia. (Mar-20-06)
[EAST BAY BUSINESS JOURNAL]
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