Putting another major legal battle behind them on one coast while a new attack was launched on the other, Marsh & McLennan Companies reached an agreement with the California Insurance Department to settle charges of bid-rigging and other improper conduct, regulators announced last week.
The arrangement, requiring the company to aid in an ongoing inquiry, piggybacks on an earlier $850 million settlement MMC made with New York officials.
According to an insurance department statement, the California settlement follows a lengthy investigation in which multiple instances of improper practices by Marsh Inc.–MMC's brokerage unit–were uncovered.
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