July 23, 2007
The Hartford pays $115M settlement
The Hartford Financial Services Group agreed to pay $115 million to settle allegations by Connecticut, Illinois and New York that it faked bids and allowed illegal trading in some mutual funds announced Attorney General Richard Blumenthal. As a result of the settlement, The Hartford will pay $3 million to Connecticut and Illinois and $20 million to New York. The Hartford will also establish a $5 million fund for policyholders harmed by the practices and it will establish an $84 million fund to compensate investors affected by market timing. "The Hartford bears a corporate responsibility for failing to act more swiftly and strongly to stop illicit practices that harm investors," said Blumenthal.
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