Liberty Mutual reached an agreement with two state attorneys general to pay a total of $7.5 million to settle allegations it engaged in a bid-rigging and kickback scheme with insurance brokers.
A spokesperson for the Boston-based insurer confirmed the settlements, saying that the company would pay the state of Connecticut $2 million and New York a total of $5.5 million. Under the agreement, the company neither admits nor denies any wrongdoing.
In a statement, the insurer said, “We've always maintained Liberty had done nothing wrong. At this stage we think it better to pay these relatively small amounts and put the matter behind us.”
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