Milwaukee-based Marshall & IIsley Corp., a banking and financial services company, is suing Marsh & McLennan Cos. Inc., electing to participate in the $850 million settlement of bid-rigging and antitrust charges.
Marshall & IIsley elected to participate in the suit nearly three months after the deadline, which was September 2005, suing the broker to recover contingent commissions Marsh collected on its account. Marsh’s January 2005 nationwide settlement required clients to file by Sept. 20, 2005, to be compensated from the $850 million fund. Participation in the settlement meant the right to sue was waived.
M&I, with $45 billion in assets, hired Marsh in 1995. The financial institution charges that the Marsh secretly took kickbacks from insurers in the form of contingent commissions while placing the bank’s coverage. M&I also said it did not know that Marsh collected interest income on M&I premiums held in fiduciary accounts before remitting them to underwriters.
In addition to punitive damages, the M& I suit seeks restitution equaling the contingent commissions and interest income Marsh received on M&I’s business.
Ninety percent of Marsh’s largest clients and close to half of the 140,000 eligible Marsh clients made the decision to participate in the settlement.
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