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Marsh & McLennan to pay $400M settlement

Ohio and New Jersey have reached a $400 million settlement in a class action investor lawsuit against insurance broker Marsh & McLennan Cos.
/ Source: PhillyBurbs.com

Ohio and New Jersey have reached a $400 million settlement in a class action investor lawsuit against insurance broker Marsh & McLennan Cos.Ohio Attorney General Richard Cordray and New Jersey Attorney General Anne Milgram say they negotiated an agreement that holds the firm accountable and requires compensation for investors.Marsh & McLennan says it does not admit wrongdoing in the settlement.Cordray says the company harmed investments and worker retirement benefits through securities law violations. The suit was in response to an alleged scheme to steer business to certain insurance carriers in exchange for kickbacks.Lead plaintiffs included Ohio public pension funds and the New Jersey Division of Investment.