Saturday, September 10, 2005

Spitzer Prepares to Move Against Former Insurance Executives for Bid-Rigging

New York Attorney General Eliot Spitzer's initial investigation that roiled the insurance industry last year may be reaching fruition amid a report that a number of former executives of Marsh Inc. have been told they will be indicted on bid-rigging and criminal enterprise charges if they do not reach a plea agreement in the next two weeks.  Marsh Inc. is the insurance brokerage unit of Marsh & McLennan Cos., and the company has already settled charges filed by Spitzer's office.  The bid-rigging investigation led to a broad review of the reinsurance industry by the SEC and Department of Justice along with the New York Attorney General, and has resulted in the filing of charges or notices of possible charges against a number of insurers and individuals, including AIG, General Re, and MBIA.  With Labor Day behind us, look for those investigations to move into the final stages. A Bloomberg.Com story (here) discusses the possible charges against the former Marsh Inc. executives. (ph)

Grand Jury, Investigations, Prosecutions | Permalink

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