Willis CEO Backs Contingency Fee BanThird-biggest broker to repay clients $51M to settle N.Y.,Minn. probes
The settlement reached between the office of New York AttorneyGeneral Eliot Spitzer and Willis Group mirrors earlier deals signedby the nations other two mega-brokersMarsh and Aonbut where theleaders of the two top intermediaries were apologetic, the chiefexecutive at Willis vowed to lead the charge for reform.
Willis agreed to settle official concerns about fraud andanti-competitive practices by paying $51 million in restitution toits clients. Willis will pay $50 million into a national fund forbuyers to settle with New York authorities and another $1 millioninto a fund for customers to settle with Minnesota Attorney GeneralMike Hatch.
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