Two More Law Firms File Class Action Suits Against Aon

August 23, 2002

The law firm of Pomerantz Haudek Block Grossman & Gross LLP, which has offices in New York and Chicago, and the Pennsylvania-based law firm of Marc S. Henzel both announced that they have filed legal actions in U.S. District Court in Illinois against Aon Corp. for securities violations, stemming from a series of “misrepresentations of material facts.”

The two new actions bring to a total of five the number of lawsuits that have been lodged against the world’s second largest insurance broker in the last week.

Both announcements summarize the basis of the complaint in the same language as the previous three actions ( See IJ Website Aug. 19 & 21), alleging failures to disclose, misstatements and misrepresentations within the meaning of Sections 10(b) and 20(a) of the Securities Exchange Act, which led to a precipitous 30 percent drop in Aon’s share value the day after it announced it had agreed with the SEC to restate its earning figures for the past three years.

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