Marsh & McLennan Companies said it amended its settlement agreement with New York State over alleged price-fixing and brokerage fee misconduct to limit its application to its 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 state's superintendent of insurance agreed 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 so that overseas operations are exempt, MMC said.
In January, MMC agreed to put $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 that may have been part of a scheme to rig bids and fix prices.
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