Tuesday, February 01, 2005

Insurance broker to pay $850m to settle bid-rigging charges

Eliot Spitzer on Monday set out the likely terms of a far-reaching reform of the US insurance industry, as he unveiled a $850m settlement with Marsh & McLennan, the sector's biggest broker.
In a novel agreement, Marsh & McLennan agreed to changes its business practices and to set aside money to compensate clients that had been charged excessive premiums.

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