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United States: UPDATE 1-Three ex-Marsh Execs Acquitted in Bid-Rigging Case
Publish Date : 28-Oct-2009
Three former Marsh Inc executives were acquitted of criminal charges in a bid-rigging and price-fixing scheme in which they were accused of colluding to steer clients to favored insurers. Joseph Peiser, who led Marsh\'s excess casualty unit, and brokerage executives Greg Doherty and Kathleen Drake were found not guilty by Justice James Yates of the New York State Supreme Court in Manhattan of scheming to defraud and antitrust charges, lawyers said. The defendants were among eight former Marsh executives indicted in September 2005 as part of a price-fixing probe conducted by Eliot Spitzer, then the attorney general of New York.
Spitzer accused the executives of colluding with American International Group Inc (AIG.N), units of Ace Ltd (ACE.N) and Zurich Financial Services AG (ZURN.VX), Liberty International Insurance Co and other companies to rig the market for excess casualty insurance from November 1998 to September 2004. The indictments came after Marsh\'s parent, New York-based Marsh & McLennan Cos (MMC.N), agreed in January 2005 to pay $850 million to settle related civil charges by Spitzer. Yates in February 2008 found two other former Marsh managing directors, William Gilman and Edward McNenney, guilty on an antitrust charge in the case, though they were acquitted on other charges.
