NEW YORK—A New York judge has dismissed criminal charges against two former Marsh Inc. executives accused in connection with a bid-rigging and price-fixing scheme at the broker.

At a hearing Thursday, New York County Supreme Court Judge James A. Yates dismissed the indictments against former Marsh Senior Vps Thomas T. Green Jr. and William L. McBurnie.

The duo were the last to stand trial among a group seven former Marsh executives accused in a 2005 indictment by then-New York Attorney General Eliot Spitzer. Their trial had not yet begun.

Judge Yates also dismissed criminal charges against a third executive, Geri Mandell, former senior vp at Zurich American Insurance Co. Ms. Mandel was indicted separately in 2006 and faced similar charges stemming from Mr. Spitzer's investigation. She was scheduled to face trial after Messrs. Green and McBurnie.

The action comes just weeks after Judge Yates acquitted three other ex-Marsh executives of all charges in the case, prompting speculation that prosecutors may drop their case against the remaining defendants.

Thursday, the defendants and their attorneys hailed the dismissals as a vindication.

“I’ve maintained my innocence from the very beginning,” said Mr. McBurnie. “In the end I think it’s a just result.”

“Tom Green has been steadfast in his innocence,” said Mr. Green’s attorney, Matthew W. Brissenden, partner with Scaring & Brissenden, P.L.L.C. “It’s been four long years, but we are obviously very pleased with the attorney general’s decision,” he said.

Ms. Mandel “never committed a crime, and there was never any scheme to defraud,” said her attorney, Mark Schamel, partner with Schertler & Onorato L.L.P.

Assistant Attorney General Gail Heatherly declined to comment.

Prosecutors from New York Attorney General Andrew Cuomo's office, which took over the case, last week asked Judge Yates to dismiss the charges citing the cost involved in pursuing another lengthy trial, and the likely outcome of the trial following last month's acquittals.

Last month, three former Marsh executives—Joseph Peiser, former managing director and head of Marsh's global broking excess casualty unit; Greg J. Doherty, former Marsh senior vp and ACE USA local broking coordinator team leader; and Kathleen M. Drake, former Marsh managing director and local broking coordinator team leader—were found not guilty of scheme to defraud and restraint of trade charges by Judge Yates.

In February 2008, two other former Marsh executives, William Gilman and Edward J. McNenney, were found guilty of an antitrust charge but acquitted of all other charges and sentenced to 16 weekends in jail. Their sentences have been stayed pending appeals.

Marsh itself has not faced any criminal sanctions over the scandal and in January 2005 paid $850 million to end officials bid-rigging and fraud probes.