Marsh & McLennan (MMC) chief executive Michael Cherkasky said the company's settlement agreement with Eliot Spitzer would allow it to move forward.
Cherkasky said the settlement was a “significant step forward”, which “removes major uncertainty for the company.”
Since the lawsuit was launched in October 2004, MMC share prices dropped 33%, the company is to cut 3,000 staff globally, and more than 20 senior management figures have defected to rival Willis Group Holdings.
Marsh has not admitted nor denied allegations of bid-rigging and taking kickbacks.
But Cherkasky said today: “We deeply regret that certain of our people failed to live up to our history of dedicated client service.
“The acts of these employees were inconsistent with the integrity and ethics on which this company was founded.”
