Price fixing

Under 1945 Law, Insurance Industry Among Only Handful Of Industries -- Like Major League Baseball and Railroads -- To Be Exempt From Federal Antitrust Laws

October 14, 2009 -- WASHINGTON, DC—Days after the health insurance industry openly declared it will use the emerging health care reform overhaul as an excuse to raise premiums on millions of Americans, U.S. Senator Charles E. Schumer (D-NY) urged Wednesday that the legislation should include a new provision to revoke the industry’s anti-trust exemption.    » read more »

Senate Judiciary Committee

October 14, 2009 -- As prepared for delivery -- “The antitrust laws enacted in the early 20th century provide essential protections for consumers and businesses, and those protections should apply to Americans buying health and medical malpractice insurance.

As Congress debates the costs of health care, it is very much worth nothing that purchasers of these insurance policies are particularly susceptible to industry collusion leading to inflated prices. But under current law, health and medical malpractice insurance providers are exempt from federal antitrust regulations. This is because, as we all know, the insurance industry was given a statutory exemption from antitrust laws over sixty years ago by the McCarren-Ferguson Act.    » read more »

August 25, 2009 -- WASHINGTON—Japanese electronics manufacturer Epson Imaging Devices Corporation (Epson) agreed to plead guilty and pay a $26 million criminal fine for its role in a conspiracy to fix prices in the sale of Thin Film Transistor-Liquid Crystal Display panels (TFT-LCD) sold to Motorola Inc., the Department of Justice announced today.    » read more »

June 9, 2009 -- WASHINGTON – U.S. Senator Herb Kohl today introduced the Antitrust Criminal Penalties Enforcement and Reform Act of 2004 Extension Act. This legislation extends a critical component of the Antitrust Criminal Penalty Enforcement and Reform Act of 2004 (ACPERA), set to expire on June 22, which encourages participation in the Antitrust Division’s leniency program.

As a result, the Justice Department will be able to continue to detect, investigate and aggressively prosecute price-fixing and other cartels which harm consumers.    » read more »

May 20, 2008 -- Washington, D.C.- Speaker Nancy Pelosi released the following statement today on H.R. 6074, the Gas Price Relief for Consumers Act, which passed the House by a vote of 324 to 84, despite a veto threat:

“The House today with a strong bipartisan and veto-proof margin voted to hold foreign oil cartels and Big Oil accountable.

“The legislation provides the Justice Department with a critical tool to pursue antitrust actions against OPEC-controlled entities for fixing prices and creates a new Justice Department Petroleum Industry Antitrust Task Force to examine anticompetitive market practices in the oil industry. It also requires that the mergers of Big Oil companies in recent years be examined for anticompetitive effects.    » read more »

Agreement Settles Bid-Rigging Charges With Insurer

January 29, 2008 -- HARRISBURG - A multi-state agreement was reached today with a large insurance carrier involved in a "pay to play" scheme devised by insurance broker Marsh & McLennan.

Pennsylvania Attorney General Tom Corbett said that American International Group, Inc. (AIG) agreed to pay a multi-state task force $12.5 million in settlement of the states' claims. Pennsylvania will receive $2.6 million.    » read more »

Company and subsidiaries settle multi-state bid-rigging and price-fixing claims

January 29, 2008 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Insurance Commissioner Kevin McCarty today announced that Florida has reached a settlement with a large insurance carrier involved in a “pay-to-play” tactic used by Marsh & McLennan and other insurance brokers.    » read more »

November 8, 2007: (Baton Rouge, LA) — Louisiana Attorney General Charles C. Foti, Jr. announced today that his office has filed suit against Allstate Insurance Company, Lafayette Insurance Company, Xactware, Inc., Marshall & Swift/Boeckh, LLC, Insurance Services Office, Inc., State Farm Fire and Casualty Company, USAA Casualty Insurance Company, Farmers Insurance Exchange, Standard Fire Insurance Company and McKinsey & Company for alleged violations of the Louisiana Monopolies Act.    » read more »

November 8, 2007: (Baton Rouge, LA) — Louisiana Attorney General Charles C. Foti, Jr. announced today that his office has filed suit against Allstate Insurance Company, Lafayette Insurance Company, Xactware, Inc., Marshall & Swift/Boeckh, LLC, Insurance Services Office, Inc., State Farm Fire and Casualty Company, USAA Casualty Insurance Company, Farmers Insurance Exchange, Standard Fire Insurance Company and McKinsey & Company for alleged violations of the Louisiana Monopolies Act.    » read more »

Lawsuit is second filed within past year, cites egregious misconduct

May 24, 2007 -- TALLAHASSEE, FL – As Floridians and citizens across the country are faced with dramatically increasing prices at the gas pump, Florida Attorney General Bill McCollum today filed a lawsuit against a Panhandle company and its president alleging charges of gasoline price fixing. Ryan E.    » read more »