Mega-broker Marsh & McLennan has agreed to an out of court settlement of $US4.75 million ($4.88 million) with the Attorney-General of Ohio following an antitrust lawsuit arising from allegations that the brokerage engaged in bid-rigging and kickbacks.

The lawsuit – which stems from the 2004 investigation by former New York Attorney-General Eliot Spitzer – alleged Marsh had conspired between 2001-2004 to provide customers with fictitious quotes, creating a false impression of competitive bidding.

Ohio Attorney-General Richard Cordray says the money will be distributed among more than 25 public entities in Ohio including public authorities, schools and retirement bodies.

The settlement includes no fines or penalties, makes no findings against the firm, and importantly, does not include an admission of liability by Marsh.