Posted on 28 Sep 2010
Insurance broker Marsh & McLennan Cos. has agreed to pay $4.75 million to settle an antitrust lawsuit filed in 2007, according to Ohio Attorney General Richard Cordray.
The Ohio attorney general says the lawsuit was settled Monday and will be distributed among more than 25 Ohio entities including schools, cities and counties.
The lawsuit in Cuyahoga County Common Pleas Court accused Marsh of conspiring with various insurance companies to eliminate competition by providing customers with phony quotes from 2001 to 2004. Cordray says the quotes were intended to create the "false impression" that competitive bidding produced the best price.
In a statement, Marsh says the settlement makes no findings against the company and does not include any admission of liability.