NU Online News Service, May 12, 5:30 p.m. EDT--Marsh & McLennan Companies said it amended its settlement agreement with New York State over price-fixing and brokerage fee misconduct to limit its application to the company's U.S. operations.
In its 10-Q filing of May 6, New York-based MMC said the office of the New York Attorney General and the Superintendent of Insurance for the State of New York agreed April 28 to alter the language in the agreement by inserting "U.S." into sections of it. The change limits the scope of business reforms that were agreed to, to exempt overseas operations, MMC said.
In January, MMC agreed to pay $850 million into a settlement fund that will be paid to insurance clients whose contract placements were affected by contingent fees the broker collected from insurers who were part of a scheme to rig bids and fix prices.
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