Insurers' Stocks Plunge on Spitzer Probe

verfasst von CRASH_GURU, 15.10.2004, 07:51

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Thursday October 14, 5:29 pm ET
By Joe Bel Bruno, AP Business Writer
Insurance Companies' Stocks Plunge on News of N.Y. Attorney General Probe


NEW YORK (AP) -- Marsh & McLennan Cos. shares plunged more than 20 percent Thursday after the giant insurance broker was charged by New York Attorney General Eliot Spitzer with market manipulation.
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Spitzer alleged that Marsh & McLennan took payoffs from a number of insurers and in turn steered corporate clients their way rather than getting the best prices. Property and casualty insurers American International Group Inc., Hartford Financial Services Group, Ace Ltd., and a unit of Germany's Munich Re were implicated in the lawsuit. Two AIG executives pleaded guilty to participating in the illegal conduct and are expected to testify in future cases.

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• Insurers' Stocks Plunge on Spitzer Probe - CRASH_GURU, 15.10.2004, 07:51