NY prosecutors are having a tough week.
Following an investigation led by Elliot Spitzer, a 2005 indictment and an 11-month trial with 1,500 exhibits, three former March, Inc. executives were exonerated on charges including big-rigging, price-fixing.
WSJ: Joseph Peiser, a former top executive who was head of excess casualty, as well as two subordinates, Greg Doherty and Kathleen Drake, were indicted in 2005 following an investigation by then-New York Attorney General Eliot Spitzer. They were subjects of a larger investigation into the practices at Marsh that led to a total of eight individuals being indicted. About 20 other individuals at various insurance firms pleaded guilty to antitrust related charges.
Some former Marsh executives chose to go to trial. In February, William Gilman and Edward J. McNenney were found guilty of an antitrust charge but were acquitted of numerous other charges. Two other executives are awaiting trial.
On Monday, three of the eight Marsh defendants claimed vindication, as they were acquitted by New York State Supreme Court Judge James Yates after a bench trial.
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March & McLennan, which owns March, Inc. paid $850 million as part of a January 2005 settlement in a civil lawsuit brought by Spitzer; the indictments followed.
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