Alleged Anticompetitive Practices
In January 2007, Travelers agreed to pay US$ 77 million to six states to settle a class action suit and end investigations into its insurance practices. The charges involved paying the insurance broker Marsh & McLennan Companies contingent commissions to win business without the knowledge of clients, thus creating a conflict of interest. Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting fake bids, thus misleading clients into believing they were receiving competitive commercial premiums.
Read more about this topic: The Travelers Companies
Famous quotes containing the words alleged and/or practices:
“Most observers of the French Revolution, especially the clever and noble ones, have explained it as a life-threatening and contagious illness. They have remained standing with the symptoms and have interpreted these in manifold and contrary ways. Some have regarded it as a merely local ill. The most ingenious opponents have pressed for castration. They well noticed that this alleged illness is nothing other than the crisis of beginning puberty.”
—Novalis [Friedrich Von Hardenberg] (1772–1801)
“To learn a vocation, you also have to learn the frauds it practices and the promises it breaks.”
—Mason Cooley (b. 1927)