2 Insurance Firms Agree to Testify in Antitrust Suit
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AUSTIN, Tex. — Two of the nation’s biggest insurance companies, sued in one of the largest antitrust lawsuits in Texas history, have agreed to testify for the state and pay $500,000 in legal costs each, Atty. Gen. Jim Mattox said today.
Mattox said Travelers Insurance Co. and St. Paul Fire & Marine Insurance Co. also agreed to cease certain industry activities in the settlement agreement signed by state District Judge Pete Lowry.
“In essence, these companies have entered a (no contest) plea and have agreed to testify for the state as the lawsuit continues against the other defendants,” Mattox said.
The state is accusing the insurance industry of seeking to create a phony “insurance crisis” several years ago in which insurers claimed that an increase in lawsuits was forcing them out of the commercial liability field.
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