Case Law School grad named to head troubled insurance giant Marsh & McLennan
Cherkasky appointment spares company criminal charges, creates new model for insurance industry
November 2, 2004 | For more information: Jeff Bendix (216)-368-6070
 Marsh & McLennan Cos., the world’s largest insurance brokerage firm, has called on Case Western Reserve University School of Law graduate Michael Cherkasky to bail it out of legal trouble.
Cherkasky was named chief executive officer of Marsh & McLennan on October 25. Earlier this month Eliot Spitzer, New York attorney general sued the company. Spitzer’s suit charged the company with rigging bids for corporate insurance contracts and accepting kickbacks, or “contingency fees” from insurance brokers for steering business to it. Marsh & McLennan’s board of directors subsequently fired its chair and chief executive officer and named Cherkasky as its new CEO. The company has not yet named a new chair.
In the late 1980s and early 1990s Cherkasky headed the investigations division of the Manhattan District Attorney’s office, where Spitzer was one of the attorneys he supervised. In 1994 Cherkasky joined Kroll, a risk-management and investigations firm, where he was later named CEO. He remained as head of Kroll when Marsh & McLennan purchased it a few years later.
After Spitzer filed his suit Cherkasky was named in quick succession to head the internal task force that looked into Spitzer’s charges, then CEO of the brokerage division, then of the entire company. After learning of Cherkasky’s appointment, Spitzer said he would not pursue criminal charges against the company.
“We think we’ll be a new model for the industry,” Cherkasky was quoted as saying when he assumed the chief executive officer position. “It’s going to be a different business. Contingency fees are no more in this industry.”
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826
and shaped by the unique merger of the Case Institute of Technology and Western
Reserve University, Case is distinguished by its strengths in education, research,
service, and experiential learning. Located in Cleveland, Case offers nationally
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