New York Attorney General Eliot Spitzer reacted to the decision at Marsh & McLennan Cos. to have CEO Jeffrey Greenberg step down. Greenberg was under fire to resign as Spitzer investigated reported bid-rigging at Marsh and a number of others in the industry.
“The actions announced today (Oct. 25) by the Board of Directors of Marsh & McLennan Companies permits Marsh and this office to move forward toward a civil resolution of our lawsuit,” Spitzer commented in a release.
“We are persuaded that the goals that would have been advanced by a criminal prosecution of the corporation – punishment, restitution, general deterrence, and industry reform – will be better accomplished by criminal prosecution of individuals, adoption by the company of dramatically new business procedures, installation of new leadership, a full examination of prior wrongdoing and a pledge of restitution to those harmed.
“Realizing these goals, while also allowing Marsh & McLennan to retain a viable role in the marketplace, makes corporate criminal prosecution unnecessary.”
Topics Fraud
Was this article valuable?
Here are more articles you may enjoy.
Update: Beryl Rakes Mexico’s Yucatan With Hurricane Winds and Heavy Rain 
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
North Carolina, Florida Home Sellers Facing New Flood Disclosure Requirements 
Law Firms Smell Opportunity as Supreme Court Guts Agency Powers 
