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Prudential Insurance Co.

New York Attorney General Eliot Spitzer filed charges against the insurance company for allegedly paying brokers to steer business its way. Spitzer argued that contingent commissions paid to brokers and agents to lead business to insurance companies are the equivalent of kickbacks that unfairly increase the prices paid by insurance clients. Prudential will pay $19 million in restitution and penalties. The settlement came as part of a multiyear investigation of bid rigging and price fixing in the insurance industry. (Dec-13-06) [CHICAGO TRIBUNE: PRUDENTIAL BROKERS]

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Published on Dec-13-06


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