Financial Services Industry
Industry: Email Alert RSS FeedInsurer settles federal lawsuit over collusion.(News)
Pensions & Investments, July, 2005 by Anand, Vineeta
Byline: Vineeta Anand WASHINGTON - An insurance company owned by three of the nation's largest actuarial consulting firms has settled an antitrust suit that claimed the insurer and its owners tried to strong-arm other actuarial firms into imposing liability limit provisions on pension fund clients.
The suit was filed June 24 in the U.S. District Court for the District of Columbia; it was settled the same day. In the suit, the Justice Department charged Professional Consultants Insurance Co. Inc., Burlington, Vt., with colluding to ensure industry-wide adoption of liability limit provisions in engagement letters with their pension fund clients. The company is owned by Watson Wyatt & Co., Washington; Towers Perrin & Co., Valhalla, N.Y.; and Milliman USA,...
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