2 Insurers Settle Trading Probe for $20 Million

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ALBANY, N.Y. - Two insurance companies will pay $20 million in a settlement that ends an investigation into charges that the companies allowed improper trading of annuities, law enforcement officials announced Monday.

Indiana-based Conseco Inc. and its successor in the variable annuities business, New York-based Inviva Inc., agreed to the settlement with New York Attorney General Eliot Spitzer and the Securities and Exchange Commission. Regulators accused the companies of allowing some favored investors to engage in rapid trading of mutual funds linked to variable annuity products, Spitzer said.

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2 Insurers Settle Trading Probe for $20 Million

Spitzer said more than $2.6 billion has b...

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