Property and casualty insurance company Ace Ltd. settled a bid-rigging and accounting probe brought by investigators in New York, Connecticut and Illinois, agreeing to pay $80 million in restitution and penalties.

New York Attorney General Eliot Spitzer said in a statement that Ace will pay $40 million to policyholders, while another $40 million in fines will be awarded to the states. Spitzer also said that Ace agreed to reform its practices and issue an apology.

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