Marsh Legal
Like many large insurance companies and brokerage firms, Marsh has had its share of litigation and scandals. This amount will be paid over a four-year period and will be used to compensate approximately 100,000 corporations and smaller businesses whose commercial insurance was arranged by Marsh from 2001 and 2004.
Marsh is paying $850 million to settle a lawsuit that accuses it of cheating customers by steering business to insurers in exchange for incentive payments and rigging prices.
The lawsuit was brought by the New York attorney general (Eliot Spitzer) stated that “Marsh received kickbacks from insurance companies that increased the cost of coverage for its customers and did not serve as an unbiased broker”.
Eliot has negotiated billions of dollars in restitution and penalties from mutual funds and banks for fraudulent activity.
Citigroup’s analysts were accused of providing misleading advice on stocks. The chief executive of Marsh said “we don’t believe that our corporate entity has ever been involved in a pattern of covering up or a pattern of criminal behavior” and apologized for the “shameful” and “unlawful” behavior of “a few people” at the company.
After the charges were filed in October 2004, Marsh stopped taking incentive payments from insurers and its chief executive, Jeffrey W. Greenberg, was forced to resign. The company agreed to “make fundamental changes in the way it does business” and it is believed that as a result of this lawsuit, Marsh is no longer involved in any illegal practices.
A Review Of British Insurance Brokers Association (British Insurance Brokers Association Review)
BIBA is a broker organization that represents the interests of insurance customers, brokers and intermediaries. Many leading companies in the insurance industry are members of BIBA.
The British Insurance Brokers Association (BIBA) is the leading general insurance organization in the UK.
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