LOS ANGELES, Jan. 12, 2004 (PRIMEZONE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased securities of Marsh & McLennan Companies, Inc. ("Marsh & McLennan" or the "Company") (NYSE:MMC) between January 3, 2000 and November 3, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Marsh & McLennan and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning the Company's subsidiary, Putnam Investments, LLC ("Putnam"), caused Marsh & McLennan's stock price to become artificially inflated, inflicting damages on investors. Marsh & McLennan is a professional services firm and parent company of various subsidiaries and affiliates that provide clients with analysis, advice and transactional capabilities in the fields of risk and insurance services, investment management and consulting. The complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented, among other things, that: (1) Putnam entered into an illegal agreement with its fund managers and favored investors wherein Putnam permitted them to "market time" the Putnam mutual funds; (2) in exchange for permitting the favored investors to time the Putnam funds, they deposited "sticky assets" with Putnam; (3) the "sticky assets" permitted Putnam to materially overstate its assets under management and thus permitted Marsh & McLennan to receive a steady flow of fees from such "sticky assets"; and (4) as a result of this illegal scheme, defendants materially overstated and artificially inflated Marsh & McLennan's earnings, income and earnings per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than February 2, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Lionel Z. Glancy, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on theClass Action Newsline at, www.primezone.com/ca.