Marsh & McLennan Cos. has agreed to pay $400 million to settle the securities class action lawsuits against it. The lawsuits allege bid rigging and price fixing by the company’s insurance brokerage unit in insurance contracts, the Wall Street Journal reports.
The company also agreed to pay $35 million to settle another suit filed under the Employee Retirement Income Security Act. $230 million will be covered by insurance, with the rest coming from the company. The settlement must still be approved by the court.
According to the most recent Securities Class Action Services “SCAS 100” report, the settlement, when final, would be the 24th largest settlement in a securities class action.
