Bloomberg reports that AIG and three other insurance companies settled a class action lawsuit which originally arose out of charges brought by New York Attorney General Elliot Spitzer regarding fake insurance quotes used to steer insurance buyers to certain carriers. The article states:
AIG, Liberty Mutual Holding Co., Travelers Cos., Inc. and XL Group Plc (XL) agreed to settle the case with buyers of insurance policies sold from 1998 through 2004. Five other insurers agreed to settle a related set of claims over non-excess casualty policies.
“We are pleased to have reached an agreement to resolve this matter,” said company spokesman Mark Herr in an e-mailed statement. “Through this settlement, AIG brings an end to another long-standing lawsuit about events from many years ago.”
Zurich Financial Services AG (ZURN), the largest Swiss insurer, and Arthur J. Gallagher & Co., an insurance broker, previously settled the case pending in federal court in Trenton, New Jersey. Zurich, based in the Swiss city of the same name, agreed to pay $121.8 million to clients and $30 million in attorneys’ fees. Gallagher, based in Itasca, Illinois, agreed to pay $28 million to clients and $8.9 million in attorneys’ fees.
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