A Newark, New Jersey, federal judge has approved a $21.95 million partial settlement of a price-fixing class action with a group of 13 syndicates of underwriters affiliated with Lloyd’s of London insurance company.

The settlement resolves claims that the Lloyd’s syndicates maintained a facade of competition in which brokers represented to insureds that they would seek coverage for risks in a market of independent contractors, while in fact the organization was dedicated to maximizing volume and profits for entities that function like divisions of a single corporation. The suit brought claims for violations of the Racketeer Influenced and Corrupt Organizations Act, civil conspiracy and unjust enrichment.

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