In 2006, Zurich Financial Services settled a $171 million case relating to bid rigging and price fixing in the United States.Zurich, 9 States Settle Bid-Rigging Case for $171 Million: "Texas and eight other states have reached a $171 million settlement with Zurich American Insurance Co. relating to bid-rigging and price-fixing in the commercial insurance market." "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smoke screen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania and West Virginia. Zurich is also required to pay about $122 millionZurich American Implements Reforms, Pays Consumers Millions in refunds to commercial policyholders in a New Jersey class action lawsuitInsurance Brokerage Antitrust Litigation Zurich Settlement : "This website provides general information on the Zurich class action settlement ." settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe.Zurich Settles Bid-Rigging Probe : "Attorney General Eliot Spitzer and State Insurance Department Superintendent Howard Mills today announced an agreement with one of the world’s largest insurance companies to resolve allegations of bid-rigging and improper "finite reinsurance" transactions." Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the 'finite reinsurance' transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut and Illinois.
