You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

AIG Workers Comp Fraud Case To Enter Next Stage [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-31-09 07:56 PM
Original message
AIG Workers Comp Fraud Case To Enter Next Stage
Advertisements [?]

Monday, August 31, 2009
AIG Workers Comp Fraud Case To Enter Next Stage

Attorneys will be in federal court in Chicago on Monday to discuss management of a prospective class-action for more than 500 insurers, which accuses American International Group of civil racketeering and fraud.

The case--so complex that a judge said it may take an actuarial expert to unsnarl it--stems from the revelation in 2005 that AIG for several decades filed fraudulent reports to avoid the financial impact of taking on its proportionate share of the National Workers Compensation Reinsurance Pool (NWCRP).

According to the suit brought by Safeco Insurance Company of America and Ohio Casualty Insurance Company, as a result of AIGs fraud, they and other insurers participating in the assigned risk pool lost hundreds of millions because of the additional liabilities they had to take on.

The Safeco suit alleges that AIG, despite admitting past illegal activity, has currently engaged in efforts to substitute new false statementsin furtherance of the AIG defendants fraudulent schemes.

AIG for its part has countersued, claiming other insurers have engaged in false reporting to the pool. The companys lawyer said he will file a motion contesting any decision to give the suit class-action status.

U.S. District Court Judge Robert W. Gettleman had put a stay on the Safeco action while he dealt with a previous suit by the National Council on Compensation Insurance, Inc. on behalf of insurers in the pool.

FULL story at link.

Printer Friendly | Permalink |  | Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC