Insurance probe widens, Marsh reportedly suspends workers
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An investigation into insurance industry sales practices launched last week by the New York attorney general has widened to other states, and an increasing number of insurance companies have reported receiving subpoenas.
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WASHINGTON (CBS.MW) - State and federal regulators need to widen their probe of the US insurance industry in order to protect consumers and the economy, New York Attorney General Eliot Spitzer will tell a congressional panel Tuesday.
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The storm over the U.S. insurance  industry took a new turn Thursday when American International  Group Inc. AIG.N said a federal grand jury is investigating  products it sold that companies might have used to massage  earnings.
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Top U.S. life insurer MetLife Inc.  MET.N said on Friday it had received several subpoenas from  New York Attorney General Eliot Spitzer, in a sign that a probe  into alleged rigging of bids in exchange for fat fees in the  insurance industry is widening.
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NEW YORK - The fallout from New York State Attorney General Eliot Spitzer&#39;s probe into the insurance industry continued. Jeffrey Greenberg, the head of Marsh &amp; McLennan, was replaced as chairman and chief
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The US stock market watchdog is examining transactions at the world's biggest insurance broker, scandal-hit Marsh & McLennan.
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Marsh & McLennan Cos., the insurance  broker sued by New York Attorney General Eliot Spitzer last  week for its business practices, said on Monday its suspension  of market service agreement fees would hurt near-term operating  income.
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The probe into insurance bid-rigging by New York's attorney general widened to health insurers on Tuesday, unnerving investors worried that more revelations of wrongdoing and lower profits lie ahead.
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Several years ago, the manager of a big insurance company received an odd request from a counterpart at Marsh &amp; McLennan, the world&#39;s largest insurance broker.
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New York Attorney General Eliot Spitzer has sued Marsh, alleging that the world&#39;s largest insurance broker steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance
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Marsh &amp; McLennan Cos. , the insurance broker at the center of a bid-rigging probe, on Tuesday said it will lay off 3,000 employees, or 5 percent of its work force, and reported third-quarter profit tumbled 94 percent.
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New York Attorney-General Eliot Spitzer has been conducting a probe of the insurance industry but now says he will not bring criminal charges against the world&#39;s biggest insurance broker, Marsh &amp; McLennan.
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MARSH &amp; MCLENNAN, the insurance broker, is to axe 3,000 jobs to help to prop up its flagging profits, which have been hurt by a $232 million (Â£125 million) charge to cover a potential settlement with Eliot Spitzer, the New York attorney-general.
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The Massachusetts attorney general's office is expanding its investigation into the lucrative commissions insurers pay brokers and consultants who promote their products, saying some of them may have violated their contracts with cities and towns.
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Marsh &amp; McLennan, the world&#39;s biggest insurance broker, last night disclosed that regulators had launched an investigation into transactions involving its directors.
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Wall Street strode higher Tuesday, rallying along with insurance stocks on Marsh &amp; McLennan Cos. Inc.'s decision to fire its chief executive in the face of an ongoing probe. Blue chips added 138 points as relief that the investigation would not result in criminal charges against the company offset higher oil prices and weak economic data.
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Marsh &amp; McLennan Companies, the world&#39;s largest insurance broker, said yesterday that the Securities and Exchange Commission had begun a formal investigation into investments by its executives