Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Another Headache for Putnam Parent Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 14, 2004

Another Headache for Putnam Parent

by: Theresa Sim

Eliot Spitzer is hanging Marsh McLennan out to dry, but this time it has nothing to do with the fund industry. The NYAG released a statement on Thursday, alleging the brokerage arm of MMC -- Marsh & McLennan Companies -- sold clients insurance based on incentives from insurance companies.

As for the insurance industry? Spitzer characterized it as a "system that rigs bids, stifles competition and cheats customers."

"Trust me, this is Day One," the WSJ reported Spitzer saying at a press conference.

The NYAG filed a complaint in Manhattan federal court alleging that MMC pushed clients towards insurers that it received kickbacks from (sound familiar?)

Spitzer also alleges that MMC requested fake bids from insurers to maintain an illusion of a competitive bidding process.

According to the release, one MMC executive said, "[w]e need to place our business in 2004 with those [insurance companies] that have superior financials, broad coverage and pay us the most."

MMC was quick to respond, saying that it is cooperating fully with the attorney general's investigations. Putnam stated that Spitzer begun his investigations this past spring.

Spitzer also announced that two AIG executives -- Karen Radke, senior vice president in Excess Casualty, and Jean-Baptist Tataeossian, manager in AIG's National Accounts group, have pleaded guilty in connection with the practices, the WSJ reported. The two will cooperate and likely testify in future cases, said Spitzer.

ACE, AIG, The Hartford and Munich American Risk Partners were among the insurers named in the complaint. Spitzer stated that other companies were also under investigation. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum, July 9
  2. ICI webinar - The Digital Future of Asset Management: Current State and Regulatory Landscape, July 10
  3. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  8. MFDF webinar - ETF Conversions, July 17
  9. MFDF Director Discussion Series - Open Forum (New York), July 22
  10. MFDF Ask Anything webinar - AI Edition, July 24
  11. MFDF webinar - Use of Derivatives by RICs, July 29
  12. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  13. Samfund Soiree Boston 2025, August 21
  14. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  15. ICI ETF Conference, Sep 8-10
  16. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  17. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  18. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  19. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  20. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  21. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  22. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  23. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  24. 10th annual Fuse Forum, October 8
  25. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  26. 2025 MMI Annual Conference, Oct 15-17




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use