Swiss insurer Zurich Financial Services has reached a settlement with the attorneys general of New York, Connecticut and Illinois, agreeing to pay $153 million in insurance bid-rigging charges.
This latest settlement brings the amount the group has paid in connection with such class action suits to $325 million.
The group incurred the charges after conspiring with other insurers to fix prices on certain policies, Reuters reports.
However, despite agreeing to pay, in a statement the group said none of the Zurich parties to the Three-State Agreement admit to any violation of US federal or state laws as part of the settlement.
Commenting on the settlement, James Schiro, CEO of Zurich, said: The agreements concluded within the last two weeks represent significant progress in Zurich’s efforts to resolve the uncertainty associated with certain industry-wide practices.
He continued, With our significantly enhanced compliance structure, and our company-wide commitment to ethical behavior and outstanding service, we have in place standards that promote the best interests of customers, agents, brokers and Zurich.