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Two Zurich execs plead guilty in Spitzer insurance probe

[JURIST] Two senior insurance underwriters with Zurich Financial Services, the third-largest commercial insurer in the US, pleaded guilty Tuesday night to charges connected to NY Attorney General Eliot Spitzer's ongoing insurance bid-rigging investigation. Also Tuesday, Zurich reported receiving a subpoena from the SEC and Spitzer. The executives pleaded guilty to following instructions from brokers to submit losing bids, allowing contracts to go to designated parties. Both face up to a year in prison on the charges under NY's Donnelly Act. Spitzer's office has a press release on the plea deal. JURIST's Paper Chase has ongoing coverage of Spitzer's investigation into the insurance industry. The Financial Times has more.

9:30 AM ET - The Hartford Courant reports that investigations into the insurance industry are expected to widen following testimony by state officials and regulators before Congress Tuesday.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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