Marsh suspends four high-ranking employees, including the managing director, senior vice president, executive director of marketing and a brokerage executive of Marsh Global Broking.
Standard & Poor's downgrades Marsh's counterparty credit rating from A+ to BBB+ and puts the company on
negative credit watch.
Standard & Poor's downgrades Aon's counterparty credit rating from A- to BBB+ and puts the company on
negative credit watch.
Standard & Poor's puts Willis on negative credit watch.
Willis announces it will end the practice of using contingency payments in the US immediately and worldwide by the end of the year. It said there was no evidence of bid-rigging at Willis.
Aon announces that it will stop accepting contingent commissions from insurers worldwide. It expects to complete the process by the end of 2004.
Moody's downgrades Aon and Willis' senior debt rating and commercial paper rating from stable to negative.
Jeffrey Greenberg resigns as chief executive and president of Marsh & McLennan. Spitzer's former boss, Michael Cherkasky, replaces him.
