Ex-Marsh execs convicted for bid rigging

A pair of ex-Marsh Inc. executives were convicted today in a New York state court on a monopoly charge in a bid-rigging case, according to published reports. William Gilman, former executive marketing director at the insurance broker and Edward J. McNenney, former global placement director, were acquitted of all other charges — including fraud and larceny — following the 10-month trial, according to Business Insurance. The two were among a group of ex-Marsh executives who were charged in a criminal indictment in September 2005 as part of an investigation into bid rigging by former New York State attorney general Eliot Spitzer. In that case, Mr. Spitzer, now governor of New York, had accused the executives of working with employees at AIG, ACE USA, and other insurers to rig the market for casualty insurance between November 1998 and September 2004. The scheme helped steer business to the insurers who paid the highest contingent commissions to Marsh. Marsh paid $850 million to settle those allegations in January 2005. The men will be sentenced on April 28, BI reported.