Ohio Attorney General Richard Cordray has settled an antitrust lawsuit against Marsh & McLennan Cos. for $4.75 million. Public entities throughout the state – including universities, schools, cities and counties – will receive reimbursements from the settlement.
The lawsuit was filed in Cuyahoga County Common Pleas Court and accused Marsh of conspiring with various insurers to eliminate competition in the commercial casualty insurance industry.
According to the complaint, from 2001 to 2004, the insurers and Marsh allegedly conspired to provide customers with fictitious quotes that created a false impression that competitive bidding had produced the best possible price.
Marsh has not admitted any wrongdoing in the matter.
Including the current settlement, the Ohio Attorney General’s Office has recovered more than $27 million as a result of the entire antitrust lawsuit against Marsh and various insurers. This year, Cordray settled with American International Group and Hartford Financial Services Group for more than $9 million.
The case will continue against defendants ACE American Insurance Co. and The Chubb Corp. Cuyahoga County Common Pleas Judge John J. Russo is presiding.
Additional funds from this settlement will be distributed to the state’s Antitrust Revolving Fund, the Ohio Attorney General for litigation costs and the Ohio Department of Insurance for investigative costs.
Topics Ohio
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