Hartford had been under investigation by New York Attorney General Eliot Spitzer and Connecticut Attorney General Richard Blumenthal whos' offices were exploring allegations that Hartford washad been making "secret payments" to insurance brokers in exchange for their recommeding Hartford group annuities to pension plans to customers. Spitzer has confirmed publicly that such payments were made, but indicated that pension plan managers themselves were likely ignorant of the kickbacks that were taking place. While Hartford is off the hook with a $20 million payment and probation, it is not yet known what, if any, action will be taken against the implicated brokers: Dietrich & Associates; Brentwood Asset Advisors; BCG Terminal Funding; and USI Consulting Group.

More here, via BusinessWeek.

-- MDT

Labels: Eliot Spitzer, New York AG