New York Attorney General Eliot Spitzer has filed suit against insurance brokerage firm Acordia Inc. in Chicago and its parent company, Wells Fargo Bank, for allegedly steering customers to insurance companies that paid kickbacks for the business.
According to the lawsuit, the practice of steering business represented a significant conflict of interest, placing Acordia's own financial interests ahead of the well-being of its clients, Mr. Spitzer's office said in a statement.
On its Web site, Acordia describes itself as doing "what is ethical and what is right for the customer" and claims that it makes "insurance placements in the best interest of our customers," the statement continued.
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