Before Eliot Spitzer stepped down as New York's attorney general to become the state's new governor, his office filed suit late last month against insurance brokerage firm Acordia Inc. and its parent company, Wells Fargo Bank, for allegedly steering customers to insurance companies that paid kickbacks for the business in the form of contingency fees.
According to the lawsuit, the practice of steering business represented a significant conflict of interest, placing Acordia's own financial interests ahead of the well-being of its clients.
The suit was one of several developments in the past few weeks revolving around alleged abuse of contingency fee deals and other controversial market conduct issues.
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