Marsh CEO Brian Storms dropped a bombshell today during an analyst conference call, announcing that the brokerage firm is moving to amend its agreement with New York officials to once again allow payment of contingency fees. While a shocker, such a request is not unreasonable given the state of the market.
(To read the full story about the Marsh move and Marsh & McLennan's earnings, click here.)
As you no doubt recall in painful detail, Marsh was forced to give up contingency fees in a showdown with then Attorney General (now governor) Eliot Spitzer, after the brokerage was accused of rigging bids and steering business to trigger lucrative, volume-based bonus payments.
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