A former Marsh & McLennan Cos. top executive has sued the brokerage claiming he was not adequately compensated after his dismissal in the aftermath of the 2004 bid-rigging scandal.
Roger Egan filed the suit last week in New York State Supreme Court in Manhattan, alleging Marsh used the investigation as an excuse to fire him, even though it made clear he was not responsible for the problems stemming from the probe by the New York Attorney General's Office.
Mr. Egan currently serves as chief executive of New York-based brokerage Integro Ltd. He joined Marsh in 1972 and served there until his dismissal in December of 2004 from his position as president of Marsh Inc., the parent's brokerage and advisory unit.
In the complaint Mr. Egan noted that under the termination agreement, the dismissal would have no impact on any rights for compensation or indemnification and would not be construed as an admission of wrongdoing.
In 2004, then New York Attorney General Eliot Spitzer sued Marsh and parent Marsh & McLennan, alleging it had unlawfully collected large contingent compensation fees from insurers to steer business their way and had engaged in price-fixing. Marsh agreed to pay $850 million to settle the suit in 2005.
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