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NU Online News Service, May 3, 4:30 p.m. EST–Marsh & McLennan Companies’ quarterly profit tumbled 70 percent as the firm felt the impact of regulatory and restructuring expenses and the loss of its contingent-fee revenues, as well as the effect of softening prices.

MMC Chief Executive Officer Michael Cherkasky, however, remained upbeat about the firm’s prospects. He also announced during an analyst conference call today that MMC’s Marsh brokerage unit will adopt higher client commissions beginning in the 2005 third quarter to offset up to a quarter of revenues lost from eliminating contingent fees in the United States.

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