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Former Marsh Executives Joseph Peiser, Greg J. Doherty and Kathleen M. Drake found not guilty
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 27, 2009
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A New York State Supreme Court judge acquitted three former Marsh Inc. executives of bid-rigging, price-fixing and other charges Monday after a nearly yearlong trial.
The executives—Joseph Peiser, former managing director and head of Marsh’s global broking excess casualty unit; Greg J. Doherty, former Marsh senior vp and ACE USA local broking coordinator team leader; and Kathleen M. Drake, former Marsh managing director and local broking coordinator team leader—are not guilty of scheme to defraud and restraint of trade charges, New York County Supreme Court Judge James A. Yates ruled.
The defendants were among eight former Marsh executives indicted in September 2005 as part of an investigation conducted by Eliot Spitzer, then the attorney general of New York.
Mr. Spitzer accused the executives of colluding with insurance companies to rig the market for excess casualty insurance from November 1998 to September 2004.
Spitzer accused the executives of colluding with American International Group Inc (AIG.N), units of Ace Ltd (ACE.N) and Zurich Financial Services AG (ZURN.VX), Liberty International Insurance Co and other companies to rig the market for excess casualty insurance from November 1998 to September 2004.
The indictments came after Marsh’s parent, New York-based Marsh & McLennan Cos (MMC.N), agreed in January 2005 to pay $850 million to settle related civil charges by Spitzer.
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