Great American settles bid-rigging charges
Great American has reached a settlement with the office of Massachusetts attorney general Martha Coakley over bid rigging allegations.
The settlement will see the American Financial Group subsidiary pay $60,000 to semi-conductor manufacturer Analog Devices and $116,000 to Massachusetts.
The insurer must also reform its business practices, and is prohibited from "colluding with brokers or other insurance companies to unlawfully fix [the] insurance process".
Coakley had accused Great American of knowingly participating with the broking arm of Marsh & McLennan...
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