LAWSUITS NEWS & LEGAL INFORMATION
Hartford Financial Services Inc.
New York, NY: (Jul-23-07) State Attorney General Andrew Cuomo's Office brought a lawsuit against Hartford Financial Services Inc., following an investigation into the retirement planning and property and casualty insurance industries. The investigation revealed that Hartford Financial was taking part in a tactic known as market timing, which involves short-term, or "in and out" trades which can have a detrimental effect on long-term holders, many of whom are retirees. The company was also accused of providing fictitious quotes to insurance brokers, including Marsh and McLennan Cos. Inc.
In a settlement reached, Hartford Financial agreed to pay $115 million. It will pay $84 million in restitution to investors, another $5 million in restitution to certain businesses, and a $20 million penalty to New York. It will also pay $3 million to Connecticut and Illinois, which were also involved with the settlement. [ALBANY BUSINESS JOURNALS: MARKET TIMING]
Published on Jul-24-07
In a settlement reached, Hartford Financial agreed to pay $115 million. It will pay $84 million in restitution to investors, another $5 million in restitution to certain businesses, and a $20 million penalty to New York. It will also pay $3 million to Connecticut and Illinois, which were also involved with the settlement. [ALBANY BUSINESS JOURNALS: MARKET TIMING]
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