New York Attorney General Eliot Spitzer expects to file a lawsuit against San Diego-based health insurance company Universal Life Resources on Friday, a spokesman for his office said.
Earlier in the day, Spitzer told the Reuters Finance Summit his office could file a lawsuit against an unidentified insurance company in New York state court as early as Friday, stemming from his seven-month investigation into bid-rigging in the insurance industry.
“We’re working as hard as we possibly can. There will be new chapters, some of them perhaps later today in terms of cases that will come out,” Spitzer said Friday at the 2004 Reuters Finance Summit in New York. “There may be a filing later today.”
A spokesman said the suit may be delayed until Monday, as a result of courts being closed on the Veterans Day holiday Thursday.
Spitzer accused Marsh & McLennan Cos., (up $0.07 to $27.61, Research) the world’s largest insurance broker, last month of rigging what were presented as competitive bids, steering business to carriers based on who paid the highest fees to Marsh.
Since then, more than a dozen insurers have reported receiving subpoenas from Spitzer’s office, as well as requests from other state prosecutors and regulators.