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complaint emc mortgage
Marsh to Pay $850 Mln to Settle Probe
By Jonathan Stempel NEW YORK (Reuters) - Marsh & McLennan Cos. (MMC.N: Quote , Profile , Research ) on Monday agreed to pay $850 million to settle charges it conspired with insurers to rig bids, raising hopes the world's biggest insurance broker can start moving past the scandal. The sum will be used to reimburse clients, and ends Marsh's battle with New York Attorney General Eliot Spitzer, who accused it in an Oct. 14
complaint of colluding with American International Group Inc. (AIG.N: Quote , Profile , Research ) and other insurers to fix prices. Marsh shares rose 4.5 percent. The settlement may help Chief Executive Michael Cherkasky retain clients as he overhauls New York-based Marsh's brokerage practices and corporate governance. "This is a palatable settlement, and indicates that Michael Cherkasky must have taken several bitter pills to satisfy Spitzer's office," said Amy Domini, chief executive of Domini Social Investments in New York, whose $2 billion of assets include Marsh shares. "They have committed to greater transparency, and that is exactly what needs to happen." Marsh will fully disclose to clients all compensation and charge only one fee or commission when arranging a policy. In an interview, Cherkasky, who was Spitzer's former boss at the Manhattan district attorney's office, said it was important in settling not to
mortgage Marsh's future. "We are enormously sorry that we employed people who went outside the scope of what we expected them to do, and broke our rules and regulations," he said. "It is a shameful thing that they broke the law. "At the same time," he added, "we as a corporation are pleased that none of the regulators, nor when we looked at it ourselves, have found a systemic pattern promoted by the company of illegality." Earlier, he said talks are ongoing with other state regulators and that while shareholder class-action lawsuits "are not going to go away overnight," the settlement with Spitzer might provide "a measure of closure" on litigation. On March 1, Marsh will announce the status of its 34 cents-per-share quarterly dividend, he said. Marsh stock closed up $1.41, or 4.5 percent, at $32.50 on the New York Stock Exchange. But the stock's price has dropped 30 percent since Spitzer lodged his
complaint. Continued ...
Source: reuters.com