Willis CEO Backs Contingency Fee Ban Third-biggest broker to repay clients $51M to settle N.Y., Minn. probes
The settlement reached between the office of New York Attorney General Eliot Spitzer and Willis Group mirrors earlier deals signed by the nations other two mega-brokersMarsh and Aonbut where the leaders of the two top intermediaries were apologetic, the chief executive at Willis vowed to lead the charge for reform.
Willis agreed to settle official concerns about fraud and anti-competitive practices by paying $51 million in restitution to its clients. Willis will pay $50 million into a national fund for buyers to settle with New York authorities and another $1 million into a fund for customers to settle with Minnesota Attorney General Mike Hatch.
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