Arthur J. Gallagher & Co. has agreed to resolve all claims in the Federal Multi-District class action pending in the New Jersey Federal District Court against commercial insurers and brokers relating to industry-wide contingent commission matters.
In its written statement, Gallagher admitted no wrongdoing, but said it chose to conclude its involvement, rather than prolong what could be a costly and burdensome lawsuit. The settlement, which is subject to court approval, provides for Gallagher to distribute $28 million to current and former clients and others that used a broker to purchase retail insurance from 1994 to 2005. The company will also pay $8.85 million in plaintiff’s attorney fees.
Topics Lawsuits
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