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AIG Workers Comp Fraud Case To Enter Next Stage

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-31-09 07:56 PM
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AIG Workers Comp Fraud Case To Enter Next Stage

http://broadcastunionnews.blogspot.com/2009/08/aig-workers-comp-fraud-case-to-enter.html

Monday, August 31, 2009
AIG Workers Comp Fraud Case To Enter Next Stage
By DANIEL HAYS
http://www.property-casualty.com

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.

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angstlessk Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-31-09 08:30 PM
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1. "AIG for its part has countersued, claiming other insurers have engaged in false reporting to ...
the pool."

So their defense is that 'others committed a crime so it's not a crime if we do it too'? WOW imagine if bank robbers got to use that defense!
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