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Marsh & McLennan may have breached its fiduciary duties to current and former employees who bought Marsh & McLennan stock in its sponsored retirement and stock investment plan
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Product or Service
- Retirement Plan
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit against Marsh & McLennan Companies on behalf of all persons who were participants in or beneficiaries of the Marsh & McLennan Companies Stock Investment Plan between July 1, 2000 and January 31, 2005.
The class action complaint alleges that during this time frame, Marsh & McLennan breached their fiduciary duties by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to provide participants with complete and accurate information regarding MMC stock sufficient to advise participants of the true risks of investing their retirement savings;
(3) failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate;
(4) violating the co-fiduciary liability; and
(5) knowingly participating in a breach of duty.
The class action complaint alleges that during this time frame, Marsh & McLennan breached their fiduciary duties by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to provide participants with complete and accurate information regarding MMC stock sufficient to advise participants of the true risks of investing their retirement savings;
(3) failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate;
(4) violating the co-fiduciary liability; and
(5) knowingly participating in a breach of duty.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Marsh & McLennan Companies, Inc. (MMC) | Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions in the areas of risk, strategy, and human capital. |