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Hartford Group Pays $115 Million To Settle A Claim Of Illegal TradingHARTFORD, July 23 (AP) The Hartford Financial Services Group paid $115 million to settle accusations that it allowed illegal trading in some mutual funds, the company and the Connecticut attorney general, Richard Blumenthal, announced on Monday. Mr. Blumenthal said the Hartford had paid so-called contingent commissions to insurance brokers and agents, accusing it of steering business in exchange for secret commissions. The company said the staff of the Securities and Exchange Commission had concluded its investigation into accusations of market timing the rapid and frequent trading in mutual funds that can benefit some investors at the expense of others and that it would recommend against any action. A spokesman for the commission would not comment. The Hartford took a charge of $66 million, or 22 cents a share, in 2005 to establish a reserve for federal and state investigations related to market timing. Mr. Blumenthal said the company failed to act swiftly and strongly to stop and disclose market timing despite its duty to do so. The chairman and chief executive of the Hartford, Ramani Ayer, said the company was pleased to put the matter behind it. The company will establish a $5 million fund for policyholders who were harmed by improper insurance practices and pay $3 million each to Connecticut and Illinois and $20 million to New York. It also will establish an $84 million fund to compensate market timing investor victims. The company did not admit or deny any violation of federal or state laws as a result of the settlement. But the company said the authorities found that some employees of the Hartford engaged in improper underwriting by providing quotes for commercial insurance that were not based on an adequate assessment of the risk. The Hartford agreed in May 2006 to pay $20 million to settle an investigation into claims of fraudulent sales practices in retirement products, the attorneys general of Connecticut and New York said. The company also agreed to return $16.1 million in profit from the sales that reportedly were arranged in concealed financial agreements with brokers. Tag CloudExternal InformationAdditional InformationApollo Makes $10.4 Billion Counteroffer for Huntsman...Judge Sides With Broadcom in Qualcomm Patent Fight... The American patient gets a big dose of aid... Google Is Reviving Hopes for Ex-Furniture Makers... Where Am I?News Main Page - Business - Hartford Group Pays $115 Million To Settle A Claim Of Illegal Trading |
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