MARSH & MCLENNAN COMPANIES INC
MMC
Financials
3
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Marsh & McLennan orchestrated a systematic bid-rigging and price-fixing scheme in the commercial insurance brokerage industry. The company designated which insurer's bid would win particular accounts and instructed competing insurers to submit inflated, intentionally uncompetitive bids, creating a false appearance of competitive bidding. New York Attorney General Eliot Spitzer charged eight former MMC executives with felonies. In January 2005, MMC agreed to pay $850 million in restitution to policyholders who purchased insurance between 2001 and 2004. The company subsequently settled with nine additional state attorneys general for $7 million and paid $24 million to Connecticut alone. The scheme affected commercial insurance customers nationwide who paid artificially inflated premiums.
Marsh & McLennan Companies settled a high-profile London High Court lawsuit in May 2025 brought by U.S. private debt firm White Oak, which sought $143 million in damages alleging that Marsh made fraudulent misrepresentations about insurance coverage for invoice-backed financial products linked to the collapsed Greensill Capital. During trial proceedings, senior Marsh executives testified under oath about their dealings with Greensill's disgraced founder Lex Greensill. Internal communications presented to the court included a 2020 email from a Marsh executive describing the situation as "a frightening absence of corporate governance: this is fraud which may well be in breach of the Australian legal code as it applies to insurance companies." The settlement amount was confidential. Greensill Capital's collapse in 2021 wiped out billions in investor value and triggered investigations across multiple jurisdictions.
Marsh & McLennan Companies Inc. agreed to pay $850 million in restitution and penalties to settle charges of anticompetitive practices in the insurance brokerage industry, as announced by the DOJ on January 31, 2005.
Research Sources
6 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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