HOUSTON, Oct. 22, 2004 (PRIMEZONE) -- Houston, Texas law firm, Emerson Poynter LLP, (www.emersonpoynter.com) announced today that it has commenced an investigation regarding Aon Corp. ("Aon" or the "Company") (NYSE:AOC) for violations of Federal and State securities laws and the Employee Retirement Income Security Act of 1974 ("ERISA") in relation to Aon's handling of investments in the Company's employee retirement benefit plan (the "Plan").
Emerson Poynter's investigation focuses on concerns that Aon and Company executives have 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 Aon and its independent brokers steered and allocated to the insurance companies, distinguished by Aon as compensation for "market services."
Aon Corp's stock price has fallen since New York Attorney General Eliot Spitzer filed suit against Marsh & McClennan (NYSE:MMC) and announced his office's investigation of Aon and others. Spitzer has stated that his office is investigating allegations that Aon steered business to insurers in return for those firms using Aon as a broker for their own reinsurance packages. These concerns have prompted credit rating agencies such as Moodys Investor Services to downgrade the debt rating of Aon Corp.
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 Aon stock before October 14, 2004, or are a member of one of Aon's retirement plans and purchased or held Aon stock through the retirement plans, please contact us by calling toll-free at 800.663.9817 or via e-mail at epllp@emersonpoynter.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca