Investors are hoping that Mr Cherkasky is a new broom at Marsh

Marsh, the world's biggest broker, is accused of taking illegal payments for steering clients to favoured insurers.

It escaped criminal charges on Tuesday, but still faces civil proceedings.

Michael Cherkasky told the BBC's World Business Report that "we are going to settle this case and settle this case in reasonably short order".

"Does this mean today, or tomorrow, or next week? I don't think so," he said. "But in reasonably short order because we need certainty and (Mr Spitzer) has publicly said that he wants to leave a viable company."

Changing times

Marsh announced a program of wide-ranging reforms earlier this week, aimed at appeasing Mr Spitzer and distancing itself from the charges.

Mr Cherkasky said the changes are "going to revolutionise the industry", and added that being the first to implement the reforms would probably help, rather than hinder, Marsh.

Everything we do, and everything we charge, and everything we earn is now transparent Michael Cherkasky

"But that doesn't mean that it is not going to be traumatic," he warned.

There already have been some boardroom casualties, with Marsh's former chief executive and industry heavyweight Jeffrey Greenberg resigning on Monday.

A day later, the company announced the reform package that focuses on giving clients greater transparency.

Eliot Spitzer is not afraid of taking on the biggest of big business

To that end, Marsh also said it will change the type of commission it accepts from insurance companies.

Central to Mr Spitzer's civil case against Marsh are fees called "contingent compensation". These are usually paid to brokers by the insurers in exchange for getting more business.

Clients will now receive an account of Marsh's revenues and the firm will insist insurance companies show commission rates on all policies,

Mr Cherkasky said the changes would mean that "everything we do, and everything we charge, and everything we earn is now transparent".

Clients now will get be able to audit what Marsh is paid and "clearly understand that we are working just for them".