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MMC’s Q4 hit by lawsuit settlement
10 February 2010
MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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Marsh & McLennan Companies (MMC) today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Insurance broker Marsh’s revenue for the quarter fell 4% while reinsurance broker Guy Carpenter’s revenue for the year was up 23%.
The decline was as a result of the recent settlement of the securities and Employee Retirement Income Security Act (Erisa) class action lawsuits filed in 2004. MMC paid a total of $435m to settle both the securities and related Erisa class action lawsuits and received $230m from its insurance carriers.
For 2009, MMC’s net income was $242m, compared with a net loss...
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