BROKER ACCUSED OF RIGGING BIDS FOR INSURANCE. (cover story)

SPITZER, Eliot, 1959-; MARSH Inc.; MARSH & McLennan Cos. Inc.; ACTIONS & defenses (Law); INSURANCE companies; FINANCIAL institutions; INSURANCE; BROKERS; AMERICAN International Group Inc.; TENDER offers; FRAUD; COMMERCIAL crimes; CRIMINAL law

Discusses how New York state attorney general Eliot Spitzer accused insurance broker Marsh Inc., a unit of the Marsh & McLennan Companies, of cheating customers by rigging prices and steering business to insurers in exchange for millions of dollars in kickbacks. Claims that Marsh misled customers to believe they were getting the best price for their coverage; How two executives from American International Group pleaded guilty to criminal charges of rigging bids with Marsh; Evidence of wrongdoing in the sale of many kinds of personal insurance such as coverage on cars, homes, and health insurance; How the lawsuit names A.I.G. and three other insurers as participants in the bid rigging and steering.