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Most of the money, is to be paid to the state. The remaininy $60,000 goes to The state’es lawsuit alleged that Great American issued one phony bid intentionallyuncompetitive – to Analogh Devices at the request of insurance brokef in order to help steerr the business to . In Marsh allegedly steered other insurance business toGreatg American. Great American is a subsidiar of (NYSE: AFG).
At the time the lawsuit was filed inJanuaryu 2008, it denied the allegation and said it had done nothing “The company is disappointed that the Attorney Generalk of Massachusetts decided to file suit today against Great American concerninfg alleged conduct associated with one quotatioj for insurance coverage made in the sprinhg of 2004 ...,” it said in a statement. “Greaty American denies wrongdoing and deniees the allegations of theAttorney General’s suit. Great American’s conductg in issuing that quoteswas lawful.
” In the settlement announced last the Cincinnati-based insurance company agreed to retaih any quotes it issues to Massachusetts-based customers for certaij types of insurance for at least threew years from the dates of the quotes. The settlemeng agreement is to remain in effectg forfive years. The company also agreec that itwould “not knowingly provide or offert to provide a false, fictitious, or throwaway bid or quote for umbrella or excesw casualty insurance affecting any Massachusetts based
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