The insurance industry is once again facing another bid-rigging scandal, this time over the use of municipal guaranteed investment contracts.
Three insurers revealed that they have received subpoenas from the U.S. Justice Department, and one of the three said it received an SEC subpoena.
Kathleen Blomquist, a Justice Department spokeswoman, said there is an ongoing investigation of “anti-competitive practices in the municipal bond industry.” She would not comment further. The SEC does not comment on investigations.
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