LITTLE ROCK, Ark., Oct. 15, 2004 (PRIMEZONE) -- Emerson Poynter LLP (www.emersonpoynter.com) announced today that it has commenced an investigation regarding Marsh & McLennan ("Marsh" or the "Company") (NYSE:MMC) for violations of Federal and State securities laws and the Employee Retirement Income Security Act of 1974 ("ERISA"). Indeed, class action complaints have previously been filed again Marsh for such violations.
Emerson Poynter's investigation focuses on concerns that Marsh and other Company executives has violated securities laws and may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by failing, among other issues, to disclose that hundreds of millions of dollars of the Company's profits derive from illegal activities, namely "contingent commissions," special payments received from insurance companies that were far beyond normal sales commissions. These payments were compensation for the business that Marsh and its independent brokers steered and allocated to the insurance companies, distinguished by Marsh as compensation for "market services." Additionally, previously filed actions allege that Marsh occasionally solicited bogus bids, in order to mislead its customers into believing that true competition had taken place. Marsh allegedly did this while it asserted in public statements that its "guiding principle" was to always regard its client's best interests.
Emerson Poynter LLP has substantial experience representing plan participants in ERISA action and investors in shareholder lawsuits. The firm represents investors and retirement plan participants throughout the nation in such actions as Enron, Reliant Energy, Goodyear, Cardinal Healthcare, and ADC Telecommunications. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors, retirement plan participants and consumers throughout the nation.
If you purchased Marsh stock before October 14, 2004, or are a member of one of Marsh's retirement plans and purchased or held Marsh and McLennan Companies Inc. stock through the retirement plans, please contact us by calling toll-free at 800.663.9817 or via e-mail at epllp@emersonpoynter.com.