Insurance broker Marsh & McLennan Cos. Inc. will pay $400 million as part of a class action settlement filed five years ago by state pension plan administrators in New Jersey and Ohio in connection with a probe of the company’s acceptance of contingent commissions.

Marsh & McLennan admitted no wrongdoing or liability as part of the settlement, which has already received preliminary approval by a federal judge in New York. A final approval hearing is scheduled for December 23.

Marsh Settles Pension Plans’ Suit (Insurance Journal 11/16/09)

November 17, 2009