On September 27, Ohio Attorney General Richard Cordray announced that his office had reached a settlement with insurance broker Marsh & McLennan, resolving an antitrust lawsuit commenced against Marsh in 2007. The action, brought in the Cuyahoga County Court of Common Pleas on behalf of Ohio universities, schools, cities and counties, accused Marsh of conspiring with certain insurers to increase the rates they paid for commercial casualty insurance. The action was one of many “follow-on” cases filed by entities not covered by the settlement of the New York Attorney General’s 2004 action against Marsh, which was settled by Marsh for approximately $850 million.
To resolve the Ohio matter, Marsh agreed to pay $4.75 million, but does not include any admission of liability by Marsh. The Ohio Attorney General’s office previously settled similar claims with several of the insurers with whom Marsh was alleged to have conspired. The Attorney General’s office recovered $9 million from AIG, $7 million from Zurich, and $6.6 million from St.Paul/Travelers. The Attorney General’s actions against Ace American Insurance and Chubb remain pending at this time.