Ohio Attorney General Richard Cordray has settled an antitrust lawsuit against Marsh & McLennan Cos. for $4.75 million. Public entities throughout the state — including universities, schools, cities and counties — will receive reimbursements from the settlement.
The lawsuit was filed in Cuyahoga County Common Pleas Court and accused Marsh, the world’s largest insurance broker, of conspiring with various insurers to eliminate competition in the commercial casualty insurance industry.
According to the complaint, from 2001-2004 the insurers and Marsh allegedly conspired to provide customers with fictitious quotes that created a false impression that competitive bidding had produced the best possible price.
Marsh has not admitted any wrongdoing in the matter.
Including the current settlement, the Ohio Attorney General’s Office has recovered more than $27 million as a result of the entire antitrust lawsuit against Marsh and various insurers. This year, Cordray settled with American International Group and Hartford Financial Services Group for more than $9 million.
The case will continue against defendants ACE American Insurance Co. and The Chubb Corp. Cuyahoga County Common Pleas Judge John J. Russo is presiding.
The public entities represented by the Ohio Attorney General in this case are:
- Bowling Green State University
- Central State University
- City of Cincinnati
- City of Hamilton
- Cleveland Municipal Schools
- Cleveland State University
- Columbus Regional Airport Authority
- Dayton Public Schools
- Franklin County Convention Facilities Authority
- Hamilton County
- Hocking Technical College
- Kent State University
- Montgomery County
- Northeastern Ohio Universities Colleges of Medicine
- Ohio Highway Patrol Retirement System
- Ohio Public Employees Retirement System
- Ohio Turnpike Commission
- Ohio University
- Rickenbacker Port Authority
- School Employees Retirement System of Ohio
- The Ohio State University
- Toledo Public Schools
- University of Akron
- University of Cincinnati
- Wright State University
- Youngstown State University
Additional funds from this settlement will be distributed to the state’s Antitrust Revolving Fund for antitrust enforcement, the Ohio Attorney General for litigation costs and the Ohio Department of Insurance for investigative costs.
Source: Ohio Attorney General’s Office
Topics Ohio Education Universities
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