Insurance Bid Rigging Settlement TAMPA (WUSF) - Florida's Attorney General, Chief Financial Officer and Insurance Commissioner announced a multi-million dollar, multi-state settlement in an alleged insurance bid rigging scheme.

Florida is one of 10 states that will share a $6 million dollar insurance settlement from Travelers Companies which also has agreed to cooperate in the ongoing investigation into price fixing.

In 2006, the Florida Attorney General's office filed suit against insurance broker Marsh & McLennan alleging bid rigging in the commercial insurance industry.

Attorney General spokeswoman Sandi Copes says Travelers is the third insurance company to settle in the case. The others were ACE Group Holdings, Inc. and Zurich American Insurance Company.

Travelers was not specifically involved in the price fixing allegations, but they were involved in the pay to play scheme with Marsh McLennan, Copes says.

The lawsuit against Marsh & McLennan is ongoing. It involves only commercial insurance policies to corporations like Disney, local governments and non-profit organizations.

The other states participating in the investigation and settlement include Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia, Pennsylvania and the District of Columbia.
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