Marsh opens $230m fund to appease Eliot Spitzer
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Marsh &amp; McLennan, the broker at the centre of America&#39;s insurance scandal, is setting up a $230m compensation fund as it tries to rescue its tarnished image.
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Andrew M. CuomoÂs campaign for attorney general invested in a hedge fund run by some of his backers.
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ALBANY, N.Y. -- A California-based company that brokers life, accident, and disability policies for leading US companies pocketed millions of dollars a year in hidden payments from insurers and from charges on clients' unsuspecting workers, New York Attorney General Eliot Spitzer charged yesterday.
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Outside directors of Marsh &amp; McLennan Cos. have sought to negotiate with New York Attorney General Eliot Spitzer in the insurance bid rigging case, a source familiar with the overture said Friday.
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U.S. stocks jumped on Tuesday as  battered insurers such as Marsh & McLennan Cos. MMC.N gained  on increased confidence of a quick resolution to New York  Attorney General Eliot Spitzer's probe of the industry.
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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.
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For certain conservatives, this fund might be appealing.
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October 29, 2004 - With stock prices falling and a new chief executive at the helm, Marsh &amp; McLennan Cos. may quickly settle a civil suit filed by New York Attorney General Eliot Spitzer, but it may cost $500 million or more.
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Marsh &amp; McLennan Cos. , the world's largest insurance broker, may settle New York Attorney General Eliot Spitzer's claims of rigged bids and kickbacks within a month, chief executive Michael Cherkasky said.
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The Marsh & McLennan Companies, the worldÂs largest insurance brokerage, will solicit bids for its Putnam Investments mutual fund unit.
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Marsh and McLennan is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe. The company says it will put the fees into a separate account to be used as
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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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MetLife Inc. said on Tuesday that it paid brokers and consultants about $25 million last year in &quot;contingent payments,&quot; which are the subject of a probe by New York state Attorney General Eliot Spitzer.
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NEW YORK: Marsh &amp; McLennan, the worldâs largest insurance broker, said on Tuesday it will reform its business practices and stop accepting fees at the centre of an investigation by New York attorney general Eliot Spitzer into bid rigging.
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A day after the resignation of its chairman and chief executive officer, Marsh &amp; McLennan Cos. announced on Tuesday it would stop accepting fees that had prompted a lawsuit by New York state Attorney General Eliot Spitzer.
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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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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