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Marsh: New state, same allegations

Ohio Attorney General Marc Dann sued Marsh & McLennan and four of the nation’s largest insurance companies. Having settled with the state of New York back in early 2005 for $850 million, Marsh faces identical allegations. Dann claims that Marsh and the insurers violated the state’s...

Connecticut AG Sues Reinsurance Broker For Schemes That Inflated Insurance Costs

Connecticut Attorney General Richard Blumenthal filed an antitrust lawsuit against Guy Carpenter & Company, LLC, one of the world’s largest reinsurance brokers for anticompetitive practices. The complaint alleges that Guy Carpenter illegally inflated insurance costs for insurance companies...

ACE Group Holdings Inc. Settles Antitrust Claims

ACE Group Holdings Inc. and its subsidiaries agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims. The settlement resolves allegations of bid-rigging and price-fixing in the commercial insurance market in their dealings with insurance broker, Marsh...

Talk Show Host Larry King Sues Insurance Broker

CNN talk show host Larry King filed a lawsuit in the U.S. District Court for the Central District of California against insurance broker Alan Meltzer of the Meltzer Group. In his complaint, King alleges that Meltzer and his brokerage company breached their fiduciary duty when they advised him to sell...

AIG Pays $12.5M To Settle Mutli-State Bid Rigging Allegations

American International Group Inc. (AIG) agreed to pay $12.5 million to 10 states to settle bid rigging allegations. AIG was accused of paying agents and brokers undisclosed contingent commissions and in colluding in a scheme with Marsh Inc. This settlement follows the settlement reached last month by...

Disclosure Discussion Over Commission Compensation

In a series of public hearings in New York , the state’s insurance department said it will continue the discussion over whether there should be full disclosure of commission compensation for insurance agents and brokers. Although New York has currently in place agreements with brokers and...

Marsh Proposes $69M Settlement Of Brokerage MDL Litigation

The multidistrict litigation (MDL) lawsuits saw Marsh & McLennan Cos. Inc. file a proposed $69 million settlement. The lawsuits allege that Marsh and others participated in broker-centered and global conspiracies involving undisclosed contingent commission agreements and bid rigging. In the proposed...