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Marsh & McLenan Cos settles antitrust violation


August 16, 2005   by Canadian Underwriter


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Marsh & McLennan Cos. Inc. (MMC) recently came to a settlement with the District of Columbia Attorney General Robert J. Spagnoletti regarding investigations into potential antitrust violation.
These antitrust investigation, looked into whether Marsh had been part of the bid-rigging scandals.
Under terms of the agreement, Spagnoletti can directly monitor MMC in order to make sure the Company is in compliance with the business reforms that were agreed upon under terms of the Spitzer settlement. However, the Spagnoletti settlement does not require any restitution to Marsh Inc.’s brokerage clients. Spagnoletti’s staff will be able to access Marsh’s employees and records in order to monitor if the brokerage is in fact in compliance with reforms.
“Although the agreement does not resolve any private claims, which district-based companies may have against Marsh, the settlement gives my office the tools it needs to determine whether Marsh clients here in D.C. are receiving the pro-competitive benefits of the business reforms negotiated by Attorney General Spitzer,” Spagnoletti says in a prepared statement.
Marsh has agreed under terms of the settlement, to pay $25,000 to the District of Columbia Antitrust Fund in compensation for investigation-related costs. In return, Spagnoletti will not file a complaint against Marsh.


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