Portugal Fines Zurich, 4 Insurers €54M For Price Fixing

Law360, London (August 5, 2019, 12:29 PM BST) -- Portugal’s competition authority has fined four insurance companies and a national branch of Zurich Insurance Group a total of €54 million ($60 million) for engaging in “cartel practices."

The Portuguese watchdog raided the Lisbon premises of all the insurers and accused them of cartel practices, although Zurich Portugal said it does not accept the findings. (AP) The country's antitrust watchdog said that, after a long-running investigation, it has found a branch of Zurich Insurance Group and four Portuguese insurers — Lusitania, Fidelidade, Multicare and Seguradoras Unidas — guilty of being involved in an insurance cartel. It also found their board members...

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