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.
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
