New York Attorney General Eliot Spitzer has subpoenaed
A Liberty Mutual spokesman, reached by the Globe, said his company does not talk about regulatory procedures. But a person familiar with the investigation said the reason Spitzer subpoenaed Liberty Mutual, the nations sixth-largest property and casual insurer, was more because of the companys size and perhaps less because of any specific evidence he has. According to the source, several other companies have received information requests and subpoenas from Spitzer.
Spitzer has said that the insurance industrys "fundamental business model" is fragmented, and his stance seems to be just as hard as it was when he went after the mutual fund industry in that still ongoing probe.
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