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Marsh & McLennan Inc. Ordered To Pay $400 Million Settlement

A recent lawsuit has been given preliminary approval by a federal New York judge in regards to Marsh & McLennan Cos. Inc. (insurance company) who has been ordered to pay $400 million in a settlement that was filed five years ago “by state pension plan administrators in New Jersey and Ohio in connection with a probe of the company’s acceptance of contingent commissions.” All Plaintiffs in the suit allege that the insurance company broke and disregarded “all federal securities laws by misrepresenting the nature of its contingent commission revenue.” The last and final approval hearing is scheduled for this month, which will determine the settlement in the case.

Source: Insurance Journal, The Jere Beasley Report

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