A Milwaukee bank has filed suit in federal court against Marsh & McLennan Companies claiming that its brokerage subsidiary Marsh steered its insurance business in exchange for hidden fees.
The suit, filed Dec. 16 in the U.S. District Court in Milwaukee by Marshall & Ilsley Corp., charges that Marsh violated its fiduciary responsibility by accepting commission fees in return for the placement of insurance with certain companies. M&I said it was unaware of the commission practice.
The company also asserts that Marsh benefited from the payment of premiums to it directly, instead of the carrier, by placing the money in a unit where it earned interest for the firm before payment was made to the insurer.
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