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ALBANY, N.Y. (AP) - Thousands of companies and governments nationwide that bought insurance through a broker expecting the lowest rates will share in $88 million of restitution from Monday's settlement of a bid-rigging scheme involving Zurich American Insurance Co.
The victims include small, mom-and-pop retailers, school districts, governments and large corporations, according to New York Attorney General Eliot Spitzer, who led the investigation.
Zurich American, a subsidiary of Switzerland's Zurich Financial Services, also agreed to pay penalties and costs of the investigation to the three states in the settlement: $39 million to New York, and $13 million each to Connecticut and Illinois.
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