Ohio Settles Bid-Rigging Charges with Marsh & McLennan

September 28, 2010 (PLANSPONSOR.com) - Ohio Attorney General Richard Cordray has settled an antitrust lawsuit against Marsh & McLennan Companies for $4.75 million.

A Cordray news release said the lawsuit accused Marsh, the world’s largest insurance broker, of conspiring with various insurers to eliminate competition in the commercial casualty insurance industry. According to the complaint, from 2001-2004 the insurers and Marsh allegedly conspired to provide customers with fictitious quotes that created a false impression that competitive bidding had produced the best possible price.  

Public entities throughout the state — including universities, schools, cities and counties — will receive reimbursements from the settlement, and additional funds will be distributed to the state’s Antitrust Revolving Fund for antitrust enforcement, the Ohio Attorney General for litigation costs, and the Ohio Department of Insurance for investigative costs.   

Marsh has not admitted any wrongdoing in the matter.