The defense rested its case today at the trial of two former Marsh executives accused of steering insurance contracts to insurers in exchange for kickbacks in the form of contingent commissions.
Defense attorney Robert J. Cleary said the prosecution concluded its cross examination today of its expert witness Jeffrey G. McKinley, president of Risk Management Strategies of Stinson Beach, Calif.
He was called to the stand last week by the defense to describe the challenges inherent in the procurement of excess casualty insurance and to discuss how contingent commissions are contracted and distributed in the insurance industry.
The defense called no additional witnesses and neither defendant took the stand on his own behalf, said Mr. Cleary. The prosecution put on no rebuttal witnesses, he said.
On trial are William Gilman, former executive marketing director and managing director at Marsh, and Edward McNenney, former global placement excess casualty director and managing director at Marsh. The two face 13 counts including charges of scheming to defraud, restraint of trade and competition, and grand larceny.
The charges stem from their alleged involvement in a scheme uncovered by then Attorney General Eliot Spitzer in 2004 to steer insurance contracts to certain carriers in exchange for lucrative volume-based contingent commissions.
Both men are being tried without a jury before New York Supreme Court Judge James A. Yates in Manhattan. The trial is in its 10th month.
Mr. Cleary said summations in the case are scheduled for the second week in February.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.