CLEVELAND - Insurance brokerage Marsh & McLennan will turn over 614 boxes of subpoenaed information to Ohio Attorney General Marc Dann by the end of the month after signing a stipulated order.
The company is the subject of an investigation into alleged violations of the state's antitrust laws. Dann said he is still a little skeptical that the company will abide by the order's terms.
"While I am pleased the company's decision to finally comply with our lawful subpoena will enable us to continue our investigation, we will be watching very carefully to see if Marsh continues to cooperate or reverts to the type of behavior that has impeded our efforts over the past two years," Dann said.
Marsh & McLennan settled with former New York Attorney General Eliot Spitzer over similar allegations of bid-rigging, producing an $850 million multi-state settlement in which Ohio did not participate.
Marsh said its clients in Ohio were offered more than $35 million in the settlement, and, in a statement, that "the Ohio Attorney General's office itself has recognized the fairness of the 2005 settlement, as the chief of the antitrust section has accepted the Marsh settlements on behalf of numerous Ohio public entities, releasing all claims against Marsh."
Dann inherited the case from former Ohio Attorney General Jim Petro and claims the company has not been cooperative with the investigation. The suit alleges that the company conspired with commercial casualty insurers to eliminate competition, mislead consumers and inflate premiums paid by Ohio policyholders.
A copy of the order can be found here.