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Aetna Life Insurance Co. announced yesterday it is paying a total of nearly $8.5 million to 19 public pension systems in Massachusetts and one in Rhode Island to settle potential legal problems related to the company's secret dealings with Boston broker Carmen Elio.
The settlements range from a high of $2.45 million with the Somerville Retirement Board to a low of $10,549 with the Saugus Retirement Board. Aetna is still negotiating an agreement with the Massachusetts state retirement system.
The settlements stem from a series of articles last year by the Boston Globe Spotlight Team, which reported that the retirement boards were persuaded by Elio and his associates to invest millions of …
Source: http://www.highbeam.com/doc/1P2-8766962.html