Arthur J Gallagher has agreed to resolve all claims in the Federal Multi-District class action...
Arthur J Gallagher has agreed to resolve all claims in the Federal Multi-District (MDL) class action pending in the New Jersey Federal District Court against commercial insurers and brokers relating to industry-wide contingent commission matters.
Gallagher admitted no wrongdoing, but said it chose to conclude its involvement, rather than prolong what could be a costly and burdensome lawsuit.
Gallagher will incur a pretax charge in its Q4 earnings of between $5m to $10m to increase its reserve for the incurred costs. Terms of the settlement require Gallagher to pay $28m to current and former clients and others that used a broker to purchase retail insurance from 1994 to 2005. The company will also pay $8.85m in plaintiff's attorney fees.
"We are pleased to put this legal matter behind us so we can focus all of our efforts on doing what we do best – providing our clients with high-quality, cost-effective insurance and risk management services," said J Patrick Gallagher, Jr, chairman, president and CEO.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
