Marsh & McLennan (MMC) has reached a $US435 million ($465 million) settlement over securities and other class actions filed against the global broker in 2004.

The charges followed an investigation by then-New York Attorney-General Eliot Spitzer, who accused MMC of bid-rigging and client-steering practices.

While charges brought by the Attorney-General were settled in 2005 for $US850 million ($910 million), the latest settlement resolves associated claims against MMC, Marsh and named individuals.

MMC will pay $US400 million ($428 million) to settle the securities class actions, with $US205 million ($220 million) covered by insurance. It will pay a further $US35 million ($37 million) to settle an Employee Retirement Income Security Act lawsuit, with $US25 million ($27 million) covered by insurance.

“After more than five years of litigation, MMC believes these settlements to be in the best interest of the company and its stockholders,” the company said in a statement.

While the company continues to deny any wrongdoing, “the resolution of these matters puts the litigation arising from the events of 2004 largely behind us and reduces the company’s ongoing legal costs,” MMC said.