Marsh & McLennan Settles Shareholder Suit For $400M

Law360, New York (November 13, 2009, 3:22 PM EST) -- Major insurance brokerage and consulting firm March & McLennan Cos. Inc. announced Friday that it will pay $400 million to settle a shareholder class action seeking redress for stock losses allegedly caused by the company's failure to disclose knowledge of a bid-rigging scheme.

Filed in the U.S. District Court for the Southern District of New York on behalf of several Ohio and New Jersey state pension funds, the suit accused March & McLennan and insurance brokerage subsidiary Marsh Inc., as well as former Marsh executives Jeffrey...
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