Marsh CEO Brian Storms dropped a bombshell earlier this month, announcing the brokerage is moving to amend its agreement with New York to once again allow certain contingency fee payments.
As you no doubt recall in painful detail, Marsh was forced to give up such deals in a showdown with then Attorney General (now Governor) Eliot Spitzer, after the firm was accused of rigging bids and steering business to trigger volume-based bonuses.
There is clearly no going back to those bad, old days. Instead, Mr. Storms said he wants a green light for Marsh to negotiate additional fees from carriers for specific services provided to clients.
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