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October 27, 2004

Insurers rise as criminal threat abates After M&M reforms, Spitzer rules out most serious charge

Spitzer, New York's attorney general, said he wouldn't pursue criminal charges against Marsh & McLennan following the insurance broker's move to replace its chief executive and implement various reforms, which came in response to his allegations of bid-rigging and kickbacks.

"There's been a fear that criminal charges would be brought at the corporate level," said Mark Lane, an analyst at William Blair & Co. "Now that this outside risk has been practically eliminated, people are more comfortable getting back into the sector."

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Posted by Tom Troceen