Office Depot, Epix Can Exit $70M Deal: 3rd Circ.

Law360, New York (March 9, 2010, 8:02 PM EST) -- Marsh & McClennan Cos. Inc. has failed to overturn a lower court ruling that allowed Office Depot Inc. and Epix Holdings Corp. to opt out of a $70 million class action settlement past deadline and pursue state court litigation over an alleged bid-rigging scheme among insurance brokers.

The U.S. Court of Appeals for the Third Circuit dealt Marsh a heavy blow Friday, holding that the district court appropriately wrote off Office Depot and Epix’s tardiness to “excusable neglect” and granted them an extension to the opt-out...
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