Spitzer Sues Insurance Broker Universal Life
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New York Attorney General Eliot Spitzer on Friday widened his investigation of the insurance business, this time suing a broker that allegedly took kickbacks from big life insurers.
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Insurance brokers required to provide competing bids to customers seeking the best deal have been taking payoffs from insurance companies to rig the system in widespread corruption in the industry, New York Attorney General Eliot Spitzer charged Thursday.
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Spitzer said other insurance companies are being investigated.
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New York's attorney general files a lawsuit alleging market rigging against a second US insurance broker, Universal Life Resources.
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Several major insurance companies are named in a class-action lawsuit alleging they conspired with California insurance broker Universal Life Resources to steer business the broker's way in exchange for kickbacks, according to court papers.
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Giant insurance broker Marsh and McLennan is now expected to escape criminal charges over illegal payments. It has been the subject of legal action over the payments by New Yrok attorney general Eliot Spitzer.
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Liberty Mutual Group has been subpoenaed by New York Attorney General Eliot Spitzer, the first local insurer to be caught up in the prosecutor's fast-widening probe into the insurance industry's sales practices.
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The Securities and Exchange Commission filed a lawsuit on Wednesday against the brokerage firm JB Oxford Holdings and its National Clearing Corporation unit, accusing them of improper mutual fund trading.
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A California-based company that brokers life, accident and disability policies for leading US companies pocketed millions of dollars a year in hidden payments from insurers and from charges on clients&#39; unsuspecting workers, New York Attorney General Eliot
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New York Attorney General Eliot Spitzer has broadened his probe into insurance brokerage fees to include life and health insurance company practices.
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A suit brought by the New York Attorney General against UBS, accusing its U.S. brokerage of defrauding customers, could harm the wealth management industry even if the Swiss bank mounts a successful defense, analysts said.
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Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) , the insurance broker accused by New York&#39;s Attorney General Eliot Spitzer of bid-rigging fraud, on
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New York Attorney General Eliot  Spitzer on Thursday sued several prominent participants in the  insurance industry, including AIG and broker Marsh & McLennan  Cos. MMC.N, charging they engaged in market manipulation.
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Is no one safe from Eliot Spitzer&#39;s accusing finger? After the investment banking, fund management and pharmaceuticals industries comes the insurance sector, which in a suit filed by the New York attorney
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The nation's largest insurance brokerage will pay $850 million in restitution to end New York Attorney General Eliot Spitzer's investigation into bid rigging and price fixing in a settlement the company hopes will end other states' probes and private lawsuits.
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New York Attorney General Eliot Spitzer, who is probing bid-rigging in the insurance industry, expects to file suit against health insurance consultant Universal Life Resources as early as Friday, a spokesman for his office said.
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ALBANY, NY - New York&#39;s attorney general sued the nation&#39;s leading insurance brokerage Thursday, accusing brokers of taking payoffs to steer clients to insurance companies that were not necessarily offering the lowest prices for their policies.