Marsh & McLennan likely to pay $500 million to settle Spitzer charges

[JURIST] Marsh & McLennan Cos., accused of rigging bids for its client's insurance contracts by New York Attorney General Eliot Spitzer earlier this month, will likely settle the case by paying a fine of $500 million. The settlement will most likely include disgorgement of some of the commissions that the insurance giant received from other insurance companies for steering business their way, which Spitzer is demanding. Marsh's commissions totaled about $1.8 billion over the past three years. In addition to Spitzer's suit, civil class-action suits and other private litigation are also expected which could drive the total costs to Marsh to well over $1 billion. Read the Spitzer complaint here [PDF]. Dow Jones has more.

 

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