Marsh & McLennan Companies, Inc. said Monday that numerous state attorneys general and insurance regulators may seek additional fines stemming from its brokerage unit's alleged bid-rigging activity with insurers.
In an 8-K filing with the Securities and Exchange Commission, the New York-based MMC said one state attorney general, whom it failed to identify, intends to file a civil claim tomorrow if no settlement is reached.
In January, the company, without admitting guilt, agreed to pay $850 million to settle a civil lawsuit filed by New York State Attorney General Eliot Spitzer that alleged MMC's Marsh brokerage had engaged in bid-rigging and steering commercial insurance business to favored carriers for fees that were not properly disclosed.
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