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Letter to the Editor
Thursday January 3
Travelers Cos. Settles Class Action Securities Lawsuit and With States in Insurance Probe
Property-casualty insurer Travelers Cos. Inc. has settled a class action lawsuit for an undisclosed amount, according to a filing with the Securities and Exchange Commission.The lawsuit, brought by certain shareholders of the company, alleged violations of federal securities laws, saying the company failed to disclose its practice of paying brokers commissions on a contingent basis, among other things.
Additionally, the St. Paul, Minn.-based company reached an agreement with the attorneys general of Florida, Hawaii, Maryland, Michigan, Oregon, Texas, West Virginia, Massachusetts, Pennsylvania, and the District of Columbia - as well as the chief financial officer of Florida and the Office of Insurance Regulation of Florida - settling their industrywide investigations into insurance placement practices.
Both settlements are subject to court approval. Travelers said the settlements will not affect its financial results. Details of the agreements were not released.
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