Popular Searches:  AIG  china  sunamerica+aig  LIFE  financial  health

Three Former Marsh Execs Found Not Guilty in Bid Rigging

 

Wednesday, Oct 28,2009, 11:41:00 AM   Click:

Three of eight former Marsh Inc. executives indicted about four years ago have been acquitted of criminal charges they were involved in an insurance bid-rigging scheme.

Joseph Peiser, former head of Marsh's global excess casualty unit, and Greg J. Doherty and Kathleen M. Drake, two local brokerage executives, were found not guilty in New York State Supreme Court in Manhattan, confirmed the law firm of Blank Rome in New York, which represented Peiser. The trio was accused of collusion with several large commercial insurers to rig bids for certain excess casualty coverage by intentionally transmitting false or fraudulent quotations to Marsh clients.

The charges stemmed from former New York state Attorney General Eliot Spitzer's investigation of insurance industry practices and a civil suit he filed in 2004 against Marsh and its corporate parent, Marsh & McLennan Cos. (NYSE: MMC). Marsh in January 2005 agreed to settle the civil charges, agreeing to establish an $850 million restitution fund. The settlement included an apology from Marsh but no admission of legal wrongdoing (BestWire, Jan. 31, 2005).

The decision by Judge James A. Yates to acquit Peiser, Doherty and Drake follows the February 2008 conviction of former Marsh executives, William Gilman and Edward J. McNenney, on a charge of restraint of trade. Gilman was the company's executive marketing director and managing director, and McNenney was global placement director and managing director (BestWire, Feb. 25, 2008).

During afternoon trading on Oct. 27, shares of Marsh & McLennan Cos. were selling at $24.89, down about 0.3% from the previous close.

  • Print

You may also be interested in:

Discuss this news

Click Here to see all comments
Please aware of self to obey the Internet related policy laws and strictly forbid to release porn, violence.
Appraisal:

Name:

Email:

Content:

Featured

Copyright: The Associated Press. All rights reserved. May This material may not be published, broadcast, rewritten or redistributed. Source: Associated Press Wordcount: COLUMBIA, Caroline SC_South

SC bill extends health coverage to adult children

Copyright: The Associated Press. All rights reserved. May This material may not

INDIANAPOLIS_The Indiana State Teachers Association and the National Education Association say they'll scrape up enough cash to pay 650 people receiving long-term disability benefits from the state

Indiana teachers union to cover disability claims

INDIANAPOLIS_The Indiana State Teachers Association and the National Education

MILWAUKEE_Private provider of mortgage insurance MGIC Investment Corp. 's loss for the second quarter widened, the company said Thursday that crimes have increased due to rising unemployment, falling

MGIC 2Q loss widens, plans to shift new business

MILWAUKEE_Private provider of mortgage insurance MGIC Investment Corp. 's loss

Copyright: Unknown Source: Market Wire Wordcount: DAYTONA BEACH, FL and TAMPA, FL - (MARKET WIRE) - 04/10/09 - Kenneth D. Kirk, Regional President of Brown Brown, Inc. (NYSE: BRO), and Michael A.

Brown & Brown, Inc. announces the acquisition of

Copyright: Unknown Source: Market Wire Wordcount: DAYTONA BEACH, FL and TAMPA,

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of

A.M. Best Revises Outlook to Negative for AXA

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has revised the outlook to

Copyright: Unknown Source: PR Newswire U.S. Wordcount: Five tips for making the most of your tax return money MALVERN, Pennsylvania, April 14 / PRNewswire / - Plasma TVs. Getaway vacation. Shopping.

A Taxing Decision: What to do with your refund

Copyright: Unknown Source: PR Newswire U.S. Wordcount: Five tips for making the

Copyright 2009 Business Wire, Inc. Business Wire April 23, 2009 Thursday 4:09 PM GMT DISTRIBUTION: Business Editors LENGTH: 924 words HEADLINE: A.M. Best Downgrades Ratings of AEGON N.V.'s U.S.

A.M. Best Downgrades Ratings of AEGON N.V.''s U.S.

Copyright 2009 Business Wire, Inc. Business Wire April 23, 2009 Thursday 4:09

MOST POPULAR