Business Services Industry
HEAT RISING; Industry in crosshairs as states launch probes.(McLennan Cos. Inc.)
Business Insurance, October, 2004 by McLEOD, DOUGLAS
Byline: DOUGLAS McLEOD NEW YORK-The aftershocks of New York Attorney General Eliot Spitzer's fraud and antitrust charges against Marsh & McLennan Cos. Inc. continued to reverberate last week as the world's three largest brokers halted their collection of hundreds of millions of dollars of contingent commissions and as the brokerage industry became the target of regulatory and law enforcement officials in several states.
New York Insurance Superintendent Gregory V. Serio on Friday ordered representatives of MMC, its Marsh Inc. brokerage unit and 11 affiliates to appear at a hearing Nov. 24 to respond to charges that "they used fraudulent, coercive and dishonest practices'' in placing client risks. The order cites Mr. Spitzer's civil complaint against...
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