Marsh & McLennan Companies will pay more than $83.5 million to settle a class action suit filed by customers who were clients of the insurance brokerage arm of the firm while it engaged in bid-rigging and steering of insurance contracts.
According to court filings, the settlement, filed in U.S. District Court of New Jersey in Newark before Judge Garrett E. Brown Jr., will award over 200,000 plaintiffs more than $69 million. In addition, MMC will pay more than $14.5 million in legal fees to the attorneys who represented the plaintiffs.
The settlement covers the period from August 1994 to September 2005. During that time MMC's insurance brokerage firm, Marsh, was accused of engaging in bid-rigging, price-fixing and steering of commercial insurance contracts in return for kickbacks from insurers in the form of volume-based contingent commissions.
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