New York State Attorney General Eliot Spitzer has formally charged eight former executives of the world's largest insurance broker with fraud and other crimes.

The indictments, Thursday, accuse some ex-employees of Marsh & McLennan of telling elaborate lies that unfairly boosted the cost of large insurance contracts.

The executives say they are not guilty.

The case against the insurance brokerage came to light last October. The firm paid 850 million dollars in restitution to clients last January, and some other former company executives have pleaded guilty to charges in the case.

Some information in this story provided by AP.