"It's a legacy issue."
Brian Duppereault, CEO of Marsh & McLennan, quoted by Jamie McGee and Erik Holm, "Marsh & McLennan Agrees to Pay $400 Million in Suit (Update 3)" (Bloomberg.com, Friday, November 13, 2009).
Marsh & McLennan reportedly settled a lawsuit that was pending in the United States District Court for the Southern District of New York. The lawsuit was reportedly filed by shareholders against Marsh & McLennan based on allegations that the value of Marsh shares was diluted by violations of law allegedly not disclosed by Marsh. See Jamie McGee and Erik Holm, supra.
The reported amount of the settlement is $400,000,000.00, half of which will be paid from Marsh's unidentified "insurance," and half of which will be paid with Marsh's own money. "The cost will be included in fourth quarter results, [Marsh CEO] Duperreault said." Jamie McGee and Erik Holm, supra.
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