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The Morning Risk Report: Aon, Willis Towers Scrap $30 Billion Merger Amid Antitrust Impasse
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The Leadenhall Building in London, home to Aon.
PHOTO: DANIEL LEAL-OLIVAS/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Good morning. Aon PLC and Willis Towers Watson PLC abandoned a more than $30 billion tie-up to create the world’s largest insurance broker, deciding it wasn’t worth pursuing in the face of Justice Department opposition to the merger.
The DOJ filed a lawsuit against the deal last month, the first big test of the Biden administration’s more muscular antitrust policy. The suit, filed in a federal court in Washington, said that the proposed merger would lead to higher prices and reduced innovation for U.S. businesses, employers and unions that rely on their services.
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In a statement, U.S. Attorney General Merrick Garland called the decision “a victory for competition and for American businesses, and ultimately, for their customers, employees and retirees across the country.”
The brokers, which announced their deal in March 2020, help companies buy insurance and advise them on risk management. They work on behalf of their corporate clients, earning fees by negotiating insurance packages across a range of property-casualty insurers. Aon and Willis Towers also are major consultants to businesses on health and other benefit packages for their employees.
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From Risk & Compliance Journal
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Healthcare platform provider Signify Health Inc. has named Erin Kelly as its new chief compliance officer.
PHOTO: STEPHANIE DENNEHY PHOTOGRAPHY
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Starting Out Remotely: a Q&A With Signify Health’s New Compliance Chief
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Healthcare platform provider Signify Health Inc. has named Erin Kelly as its new chief compliance officer. Ms. Kelly, who started remotely this month, was previously senior legal counsel at CVS Health Corp., where she helped provide legal and regulatory guidance for its Medicare business. The Wall Street Journal spoke with Ms. Kelly about her new position and breaking into a new role remotely.
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China’s larger tech companies such as Tencent have come under greater scrutiny this year for practices that previously went unquestioned.
PHOTO: QILAI SHEN/BLOOMBERG NEWS
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China’s main technology-sector regulator ordered the country’s internet giants to fix certain anticompetitive practices and data security threats, building on a regulatory campaign to reform how China’s largest tech companies operate.
China’s Ministry of Industry and Information Technology, which oversees China’s telecommunication and industry policies, said Monday that its new six-month rectification program was aimed at correcting a range of industry issues, including disrupting market order, infringing on users’ rights, mishandling user data and violating other regulations.
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President Biden’s eight nominees include the first Black Americans to lead several U.S. attorney offices.
PHOTO: SUSAN WALSH/ASSOCIATED PRESS
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President Biden put forward his first set of nominees to lead U.S. attorneys’ offices across the country, a group that includes a former fraud and public-corruption prosecutor who would oversee hundreds of criminal cases stemming from the Jan. 6 Capitol riot.
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The Federal Trade Commission has until Aug. 19 to file an amended version of its antitrust lawsuit against Facebook Inc. after a judge granted the agency an extension.
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Disbarred attorney Steven Donziger was found guilty of six counts of criminal contempt of court, the latest twist in a nearly three-decade crusade against Chevron Corp. that began as an attempt to prove the oil company caused environmental harm in Ecuador.
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Guests tried out a ‘World of Warcraft’ expansion at BlizzCon 2017 in Anaheim, Calif.
PHOTO: JOE SCARNICI/GETTY IMAGES
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A gender-bias lawsuit filed by California regulators against Activision Blizzard Inc. has reignited discussion on videogaming culture and whether the industry’s treatment of women is toxic.
The suit, which was filed last week and which Activision is fighting, accuses the company of paying female employees less than their male counterparts and providing them with fewer opportunities to advance. It says Activision ignored complaints by female employees of blatant harassment, discrimination and retaliation.
Activision said the lawsuit includes distorted, and in many cases false, descriptions of its past, and that it strives to pay all employees fairly.
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New York’s call for vaccination of government workers comes as the city’s seven-day average coronavirus positivity rate has been rising.
PHOTO: MICHAEL NAGLE/BLOOMBERG NEWS
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A significant uptick in Covid-19 cases across the U.S. is leading to new vaccination mandates for public employees, with the Department of Veterans Affairs on Monday becoming the first federal agency, California the first state, and New York the first major city to announce requirements for their workers.
Meanwhile, President Biden said certain Americans dealing with long-term symptoms of Covid-19, commonly referred to as long Covid, may have a disability under civil-rights laws protecting them from discrimination.
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