SHAKE-UP CONTINUES AT MARSH

Global broker Marsh Inc has shuffled its upper management in the wake of the dismissal two weeks ago of CEO Brian Storms, Marsh & McLennan boss Michael Cherkasky said in a memo to employees at the weekend. MMC has named Phil Moyles as Marsh’s CEO for the Americas, while Mark Feuer has been named chief operating officer for its US business. Owing to the “extreme importance” of the US business, Mr Feuer will report directly to Mr Cherkasky, the memo said. In another move, Tim Mahoney has been named head of client services for some of Marsh’s largest global clients. Meanwhile, Marsh has won a dismissal of nearly all of a legal action inspired by then New York Attorney general Eliot Spitzer’s claim that brokers colluded with insurers to set prices. Under the ruling by US District Judge Garret Brown, Marsh will not have to face a court action with customers who whose to pursue claims individually against the broker, rather than accept a settlement negotiated by AG Spitzer. About 70,000 clients, including more than 90% of Marsh’s largest customers, accepted the settlement, but a minority were asking for unspecified damages and class-action status for their legal action. Judge Brown’s ruling dismissed claims brought under the RICO laws. He has already dismissed claims brought under anti-trust laws. A further six potential class action suits are pending elsewhere in North America, according to a Marsh filing in August.