STATE TREASURER v. MARSH & McLENNAN COS.

050808454; A139453.

250 P.3d 371 (2011)

241 Or. App. 107

STATE of Oregon, acting by and through the Oregon State Treasurer, and the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund, Plaintiff-Appellant, v. MARSH & McLENNAN COMPANIES, INC. and Marsh, Inc., Defendants-Respondents, and Jeffrey Greenberg and Ray Groves, Defendants.

Court of Appeals of Oregon.

Decided February 23, 2011.


Attorney(s) appearing for the Case

Scott A. Shorr , Portland, argued the cause for appellant. With him on the briefs were Keith A. Ketterling , Joshua L. Ross , and Stoll Stoll Berne Lokting & Shlachter P.C., Special Assistant Attorneys General.

James T. McDermott , Portland, argued the cause for respondents. With him on the brief were Dwain M. Clifford and Ball Janik LLP.

Before SCHUMAN, Presiding Judge, and WOLLHEIM, Judge, and ROSENBLUM, Judge.


SCHUMAN, P.J.

Investment managers retained by the State of Oregon purchased stock, on behalf of the Oregon Public Employee Retirement Fund (OPERF), in an insurance consulting and brokerage firm called Marsh & McLennan. After most of the purchases had occurred, the Attorney General of New York announced that Marsh & McLennan executives had pled guilty to criminal charges relating to various corporate misdeeds. Marsh & McLennan shares immediately fell; according...

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