Marsh-Spitzer Settlement Struck, But MMC Woes Not Over Yet
There seemed to be a sigh of relief in some circles after Marsh & McLennan Companies Inc. signed an agreement ending New York's efforts to penalize the company for alleged bid-rigging and contingency fee abuse, but its troubles are far from over, warn those representing future plaintiffs.
New York-based MMC cut a deal with New York Attorney General Eliot Spitzer and the state insurance department to pay $850 million into a restitution fund over a four-year period. The money will go directly to clients whose accounts earned MMC's insurance brokerage firm, Marsh, lucrative profits via contingency fee deals. (Details of the agreement appear on page 7.)
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