Aon Sets Up $50M Settlement Fund
In spite of stock-price rise, broker future remains rocky,analyst says
Aon Corporation said it has set up a $50 million fund to settleallegations stemming from the multistate probe of contingency fees,driving net income down 12 percent for the fourth quarter.
In its year-end financial report, the Chicago- based insurancebroker said it was setting up the fund to settle any allegationsfrom the investigation begun by New York Attorney General EliotSpitzers office late last year and now pursued by other states. Ofthe $50 million liability reserve, $43 million is being allocatedto the Risk and Insurance Brokerage Service segment, and thebalance to its consulting arm.
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