Summary
Marsh & McLennan Companies, Inc. (MMC) filed a Form 8-K on November 30, 2009, to disclose amendments to its previously filed 2008 Form 10-K. The primary driver for this amendment is the company's settlement of two significant class action lawsuits: a securities class action and an ERISA class action, both filed in 2004. These settlements necessitated revisions to specific sections of the company's financial reporting, including the Management's Discussion and Analysis (MD&A) and the consolidated financial statements, particularly concerning notes related to these legal matters. Investors should note that while this filing addresses the resolution of these lawsuits, it primarily serves to update prior disclosures. The amended documents, attached as exhibits, provide updated financial and operational context based on the settlement terms. The company also included standard forward-looking statement disclaimers highlighting various risks and uncertainties that could impact future performance, ranging from market conditions and regulatory changes to operational challenges and competitive pressures.
Key Highlights
- 1MMC has settled two significant class action lawsuits: a securities class action and an ERISA class action, both initiated in 2004.
- 2The company has amended its 2008 Form 10-K filings, specifically Item 7 (MD&A) and Item 8 (Financial Statements), to reflect these settlements.
- 3The amendments to the financial statements and MD&A include updated disclosures related to the settled lawsuits.
- 4The filing includes a consent from Deloitte & Touche LLP, its auditor.
- 5MMC provided an extensive list of forward-looking statements and risk factors that could materially affect its business and financial results.
- 6Key risks mentioned include potential liabilities from errors and omissions claims, market conditions, legislative and regulatory changes, foreign exchange fluctuations, and competitive pressures.