Marsh sued for insurance bid-rigging
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When Greenville County in South Carolina borrowed $US800 million two years ago to expand its public schools, insurance broker Marsh &amp; McLennan provided three bidders to insure the project.
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A former chief operating officer at a Marsh & McLennan Cos. Inc. unit has sued the world's largest insurance broker by market value, alleging he was not properly compensated after being fired in the aftermath of a 2004 bid-rigging scandal.
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Marsh &amp; McLennan Companies Inc. said Friday it was suspending its practice of using &quot;market services agreements&quot; with insurance carriers, which the New York attorney general has alleged were used to rig bids, cheating customers.
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Marsh &amp; McLennan, the US insurance broker accused of rigging the market to win bogus fees from customers, yesterday warned lines of credit from lenders
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US insurance giant Marsh & McLennan is to pay $850m to settle charges that it conspired to rig the marketplace.
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Eliot Spitzer&#39;s filed a complaint against Marsh &amp; McLennan in State Supreme Court in Manhattan Thursday, alleging that the insurance broker received payments from companies to reward it for steering business their way.
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NEW YORK - Marsh &amp; McLennan Companies Inc. is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe by New York authorities as a way to help fund a possible settlement over the questioned fees.
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When New York Attorney General Eliot Spitzer accused insurance broker Marsh &amp; McLennan Cos. last month of taking kickbacks from insurers, resulting in higher premiums for clients, he raised questions for the
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New York&#39;s attorney general sued the nation&#39;s leading insurance brokerage yesterday, accusing brokers of taking payoffs to steer clients to insurance companies that were not necessarily offering the lowest prices for their policies.
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New York Attorney General Eliot Spitzer on Thursday sued Marsh & McLennan Cos., the world's No. 1 insurance broker, for steering unsuspecting clients to certain insurers in exchange for lucrative payoffs, sending Marsh's stock plummeting.
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Two former underwriters at Zurich American Insurance Co. pleaded guilty yesterday to participating in rigging fake bids in an ongoing investigation into insurance industry practices led by New York Attorney General Eliot Spitzer.
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ALBANY, NY - New York&#39;s attorney general sued the nation&#39;s leading insurance brokerage Thursday, accusing brokers of taking payoffs to steer clients to insurance companies that were not necessarily offering the lowest prices for their policies.
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The New York attorney general filed a lawsuit today accusing the world's largest insurance broker of cheating its customers by rigging bids for the coverage they bought.
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A senior vice president at Marsh &  McLennan Cos. MMC.N insurance broker on Thursday pleaded  guilty to criminal charges in connection with New York Attorney  General Eliot Spitzer's ongoing probe into fraud and  bid-rigging in the insurance industry.
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New York Attorney General Eliot Spitzer on Thursday filed a civil action against Marsh &amp; McLennan, saying generally the overall industry was involved in bid rigging and steering the clients to other companies in return for illegal payments.
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Insurance broker Marsh &amp; McLennan Cos. said yesterday it is renegotiating terms of $2.8 billion of backup bank financing after New York Attorney General Eliot Spitzer sued the company last week. The move is likely to raise the company's borrowing costs.
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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.