New York-based Marsh & McLennan Companies has reached an agreement with the California Department of Insurance to settle charges of bid-rigging and other improper conduct, the department announced yesterday.
The arrangement, requiring the company to aid in an ongoing inquiry, piggybacks on an earlier $850 million settlement MMC made with New York.
According to a CDI statement, the California settlement follows a lengthy investigation in which multiple instances of improper practices by Marsh Inc., MMC's brokerage unit, were uncovered.
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