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Aon Pays To End Investigation

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Aon agreed to pay $190 million and adopt reforms to end a bid-rigging investigation by Illinois, New York and Connecticut.

The company will pay the money over a period of three-years.

“The underlying complaint in this case shows that improper conduct was pervasive at Aon,” said New York Attorney General Eliot Spitzer. “To its credit, however, the company has acknowledged the problems, has agreed to compensate policyholders and has adopted reforms that will provide greater accountability in the future.”

A Chicago Sun-Times article says:

“A spokeswoman for Illinois Attorney General Lisa Madigan, who began investigating Aon nearly three months ago, declined comment. The Illinois Department of Financial and Professional Regulation also participated in the investigation, and its spokeswoman declined comment.

New York Attorney General Eliot Spitzer sent chills through the insurance industry last fall when he sued Marsh & McLennan Cos. for bid-rigging and other practices. Spitzer secured an $850 million settlement with Marsh, and had meanwhile turned his attention to Aon. Spitzer’s spokesman declined comment on any settlement.”

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Aon Pays To End Investigation
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