Florida's chief financial officer slapped Marsh & McLennan Companies with a civil racketeering suit for commercial insurance bid-rigging today, saying a previous $850 million settlement did not do enough for Florida interests.
The company said it would fight the action. “This complaint should never have been filed. It distorts the facts and disregards the events of the past 18 months and ignores releases signed by the State of Florida itself,” said an MMC representative, Barbara Perlmutter.
In January 2005, MMC reached a global agreement with New York Attorney General Eliot Spitzer in which the company agreed to repay $850 million to commercial insurance clients throughout the nation, and to have its Marsh brokerage stop accepting contingent commissions that investigators said were often a hidden fee for steering business to insurers against the best interests of its clients.
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