Connecticut AG: Marsh & McLennan settles claims of price fixing, kickbacks for $2.4 million

Marsh & McLennan settles price fixing claims

HARTFORD, Conn. — Connecticut’s attorney general says New York-based insurance broker Marsh & McLennan will pay the state $2.4 million to settle claims of bid rigging, price fixing and receiving kickbacks.

Attorney General Richard Blumenthal says Marsh “masterminded” a conspiracy of kickbacks and bid rigging that inflated insurance costs for consumers and subdued competition. He says the company steered Connecticut consumers and businesses to favored insurers in exchange for millions of dollars in secret kickbacks.

Blumenthal sued Marsh in 2005 as part of an investigation into insurance industry abuses.

Marsh says in a statement that the company disputed the allegations, and the settlement includes no findings of wrongdoing by the firm.