Judge Approves $62 Million Settlement in Brokerage Antitrust Action

TRENTON, N.J. - A New Jersey federal judge on Feb. 17 approved a $62 million settlement agreement that resolves brokerage antitrust class action claims brought against Marsh & McLennan Companies Inc. and its subsidiaries and affiliates. In re Insurance Brokerage Antitrust Litigation, No. 04-5184 (D. N.J.).

Chief U.S. District Judge Garrett E. Brown Jr. of the U.S. District Court for the District of New Jersey ruled that the settlement, which will end four years of "vigorous litigation," is fair, reasonable and cost-effective.

In August 2004, numerous class actions were filed against various insurance brokers and insurers, including Marsh & McLennan …