NU Online News Service, Nov. 2, 2004, 6:35 p.m. EST
The brokerage arm of Marsh & McLennan Companies Inc., New York, wants to collect its pre-Oct. 15 contingency commissions.[@@]
The Marsh Inc. unit responded to New York Attorney General Eliot Spitzer’s attacks on contingency commissions on Oct. 15 by terminating the market services agreements that included the contingency commission provisions.
But Marsh still hopes to collect payments due under the agreements before they were terminated, Marsh & McLennan says. The company estimates insurers owed it $230 million in contingency commissions at the end of the third quarter.
Marsh & McLennan says it will use the money to help pay for any restitution required by Spitzer.