Kent State will be one of 26 public entities statewide to receive a portion of a $4.75 million settlement.

The antitrust lawsuit against Marsh & McLennan Companies, the world’s largest insurance broker, accused them of conspiracy to eliminate competition. From 2001-2004 the defendants allegedly gave customers false quotes.

Associate counsel James Watson said the settlement shows companies this won’t be tolerated.

“Well it lets the insurance companies know that they’ve got to bid the real prices as opposed to fixing the price at premiums on insurance,” Watson said.

According to the press release, Marsh has not admitted any wrongdoing.

Watson said there was never any suggestion of wrongdoing within the local offices.

The settlement, announced earlier this week by Ohio Attorney General Richard Cordray, has not yet been divided, Watson said.

“There’s a distribution plan that’s before the judge now, and the judge will decide how the money is going to be distributed,” Watson said.

Those receiving reimbursements include universities, schools, cities and counties.

This settlement follows another antitrust lawsuit settled with American International Group and Hartford Financial Services Group for more than $9 million last April.

Watson said this hasn’t been distributed either, but he expects Kent State to receive around $8,000.

Including these settlements, the Ohio Attorney General’s Office has recovered more than $27 million.

“It sends a message that they’ve got to be honest or they’re going to get caught and it’s going to cost them money,” Watson said.

Contact Lydia Coutré at [email protected].