Marsh Settles Bid-Rigging Charges with Conn.

Marsh&McLennan Cos. Inc. agreed Wednesday to pay $2.4 million to settle bid-rigging and client-steering charges leveled by Connecticut Attorney General Richard Blumenthal.

Business Insurance reported that the settlement brings the broker a step closer to putting its four-year-old bid-rigging scandal behind it, and it comes a little more than a year after the Connecticut Supreme Court ruled Blumenthal could proceed with his attempt to seek damages for harm to the state’s economy as part of his original 2005 bid-rigging lawsuit.

Marsh was accused in multiple lawsuits of making arrangements whereby brokers entered into agreements with insurers to receive undisclosed compensation and engaged in anticompetitive conduct in the market for commercial liability insurance.

In January, the broker reached a $7-million settlement with nine states (see “Marsh Agrees to $7M Settlement of Bid-rigging Charges). In 2005, Marsh agreed to a settlement with then-New York Attorney General Eliot Spitzer over similar allegations. The Marsh parent company agreed to set up an $850-million fund to compensate clients.