The Hartford Financial Services Group said yesterday it agreed to pay $115 million and eliminate contingent commission payments to settle market-timing and bid-rigging investigations by state and federal authorities.
The insurer's announced agreement with New York, Connecticut, Illinois and the Securities Exchange Commission involves paying a combination of restitution and penalties to settle allegations its commercial property-casualty business involved steering insurance contracts and bid-rigging.
But the bulk of the payment will go to resolve market-timing issues on variable annuity contracts. The company neither admitted nor denied any wrongdoing.
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