Spitzer Gives Ultimatum to Ex-Marsh Executives

New York Atty. Gen. Eliot Spitzer has given a group of former Marsh & McLennan Cos. executives a choice of pleading guilty or being indicted in his bid-rigging probe, a person familiar with the case said Friday.

The executives have until Wednesday to accept a plea agreement or face indictment by a state grand jury impaneled by Spitzer to investigate bid rigging in the insurance industry, the source said. Executives who refuse plea offers will probably surrender to authorities to face charges, the source said.

Two of the executives who face charges are William Gilman and Joseph Peiser, the Wall Street Journal reported Friday. Their attorneys could not be reached for comment.