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Marsh general counsel to resign amid probe

The general counsel for broker Marsh & McLennan Cos. will step down next week as the embattled firm seeks to clean house and reform its business practices, the Wall Street Journal reported on Friday.
/ Source: Reuters

The general counsel for broker Marsh & McLennan Cos. will step down next week as the embattled firm seeks to clean house and reform its business practices, the Wall Street Journal reported on Friday.

The world’s largest insurance broker has been roiled since New York Attorney General Eliot Spitzer filed suit against it last month, accusing the firm of rigging bids and fixing prices based on which insurers paid the highest fees.

According to the newspaper’s unnamed sources, Marsh’s general counsel, William Rosoff -- who reportedly served as the company’s “point man” in dealing with regulators in the probe and sparred with Spitzer during his investigation -- will resign next week.

The Journal said that Spitzer was frustrated by Rosoff’s arguments that Marsh brokers were not aware of the amounts involved in controversial contingent commission arrangements.

Rosoff has not been accused of wrongdoing and is cooperating fully with Marsh’s internal investigation, the newspaper added, citing people familiar with the matter.

The investigation has triggered the dismissal of four other executives in recent days, a company representative said on Thursday.

A Marsh representative was not immediately available to comment early Friday.