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Spitzer: Marsh Settlement Will Go to Insured

Listen to Spitzer's Full Speech at the National Press Club

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New York State Attorney General Eliot Spitzer told the National Press Club Monday that all of the money from an $850 million settlement negotiated with insurance broker Marsh & McLennan will go to the insured.

Earlier in the day, Spitzer announced that Marsh & McLennan had agreed to pay into a fund to settle charges of bid rigging. Spitzer spearheaded an investigation into the insurance industry's pricing practices.

"Not a penny goes to the state of New York," Spitzer said in his speech. "Not a penny goes back to the lawyers. The state is not the one who should benefit from this."