ACE says it settled Connecticut AG lawsuit
September 22, 2005
NEW YORK, Sept 22 (Reuters) - ACE Ltd. said it has resolved a lawsuit brought by the Connecticut attorney general, and will pay $40,000 in exchange for a release of Connecticut's claims and a withdrawal of the lawsuit.
The claims related to certain underwriting practices associated with an $80 million portfolio of Connecticut workers compensation claims which the company is administering, ACE said.
On March 21, 2005, the company had filed a motion to dismiss the case, stating it believed the case was without merit. The decision to settle avoids the cost of further litigation, ACE said.
ACE said it will continue to administer its contract with the state and continue to handle workers compensation claims for Connecticut.