Spitzer Sees Criminal Cases Soon in Insurance Probe

Mon Jan 31, 2005 - WASHINGTON (Reuters) - New York Attorney General Eliot Spitzer told Reuters on Monday that he expects criminal cases soon in his continuing investigation of bid-rigging in the insurance industry and that he is pursing probes of both insurance brokers and carriers.

"There will be criminal cases coming in the near-term," said Spitzer, who announced earlier on Monday that Marsh & McLennan Cos. agreed to pay $850 million to settle charges that it conspired with insurers to rig bids. "We are examining a number of other players in this sector, both brokers and carriers," Spitzer said in an interview prior to speaking at the National Press Club.

Reuters 2005. All Rights Reserved.

Click here to return to our homepage