Ohio has settled its 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, according to Attorney General Richard Cordray. The lawsuit was filed in an Ohio State Court and accused Marsh, the world’s largest insurance broker, of conspiring with various insurers to eliminate competition in the commercial casualty insurance industry.
It was alleged that from 2001-2004, the insurers and Marsh conspired to provide customers with fictitious quotes that created a false impression that competitive bidding had produced the best possible price. 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. The Attorney General settled with American International Group and Hartford Financial Services Group earlier this year for more than $9 million. The case will continue against Defendants ACE American Insurance Co. and The Chubb Corp.
The 26 public entities represented by the Attorney General in this case include, among others, several universities, a number of retirement systems, and the City of Cincinnati. Additional funds from this settlement will be distributed to the state’s Antitrust Revolving Fund for antitrust enforcement, the Ohio Attorney General for litigation costs and the Ohio Department of Insurance for investigative costs.
Source: Insurance Journal
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