The men's anti-competitive conduct "had a great impact on the excess casualty insurance market,'' Assistant New York Attorney General Nina Sass told state Supreme Court Justice James Yates in a Manhattan courtroom yesterday. She asked that the men be sentenced to 1 1/3 to 4 years in prison and fined $100,000. The judge didn't impose a fine.
Gilman and McNenney were the first of seven former executives at the world's largest insurance brokerage to face trial in a New York investigation of sales practices. They were accused of fixing prices to steer business to insurers that paid Marsh hidden fees between November 1998 and September 2004. The remaining five defendants are awaiting trial.
Twenty-one former employees of Marsh & McLennan, American International Group Inc. and three other companies pleaded guilty to felonies or misdemeanors since 2004 when former state Attorney General Eliot Spitzer began the inquiry. Andrew Cuomo is now New York Attorney General.