Marsh &amp; McLennan to cease collecting disputed fees
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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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The company at the center of a probe into insurance brokerage fees says it took in more than $1.2 billion in incentive payments over the past 18 months and that its decision to stop using such fees will reduce operating income.
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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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New York Attorney General Eliot  Spitzer, who is suing insurance broker Marsh & McLennan Cos.  MMC.N on fraud and bid-rigging charges, said on Thursday  negotiations with the company have just begun and no settlement  value has yet been discussed.
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The Securities and Exchange Commission yesterday ordered mutual funds to stop paying higher commissions to brokers who promote the companies&#39; funds.
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Marsh & McLennan Cos. revealed what's  at stake in the probe into its behavior by New York Attorney  General Eliot Spitzer, saying it generated $845 million of fat  fees from a practice at the center of a bid-rigging scandal.
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Marsh & McLennan Cos. MMC.N, the  world's largest insurance broker, said on Tuesday it would  reform its business practices and stop accepting fees at the  center of an investigation by New York Attorney General Eliot  Spitzer into bid rigging.
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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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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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Marsh & McLennan tries to cut its way to an operational recovery.
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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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Marsh & McLennan Cos. revealed what's at stake in the probe into its behavior by New York Attorney General Eliot Spitzer, saying it generated &#36;845 million of fat fees from a practice at the center of a bid-rigging scandal.
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Marsh & McLennan Companies agreed to pay $850 million to settle a lawsuit accusing it of cheating customers by rigging prices and steering business to insurers.
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NEW YORK -- Marsh &amp; McLennan, the nation&#39;s largest insurance brokerage, said Tuesday it will lay off 3,000 employees, or about 5 percent of its work force, because of fallout from a bid-rigging scandal that has engulfed the insurance industry.
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Marsh & McLennan Cos. 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 to move past the scandal.
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The nation's largest insurance brokerage will pay $850 million in restitution to end New York Attorney General Eliot Spitzer's investigation into bid rigging and price fixing in a settlement the company hopes will end other states' probes and private lawsuits.
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By Edward Fitzpatrick; Journal Staff Writer  This week's ruling restores the agency's ability to collect court- awarded legal fees.