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The US District Court in Chicago has received an request for action from insurance giant AIG asking that the judge deny claims made by competitors wanting to form a class action suit. The insurance companies involved in the suit are alleging AIG underreported workers compensation premiums.
The case, which has been battled in court since 2007, stems from the lawsuit filed against AIG by the National Workers Compensation Reinsurance Pool which is operated by NCCI Holdings Inc based in Boca Raton FL. The allegations stated AIG’s 2006 settlement with former Attorney General of NY, Elliot Spitzer excluded the NWCRP from the $343 million share meant to compensate for the underreported workers compensation premiums spanning several decades. The underreporting was in part AIG’s way to avoid paying it’s share of residual market assessments to various states.
Previously, Judge Robert Gettleman has dismissed NWCRP as a plaintiff in the case but AIG competitors are pressing forward with legal action. In turn, AIG has also sued its competition, alleging they have also not reported premiums accurately including ACE INA Holdings, Inc, Travelers Insurance Group, and Liberty Mutual Group. During the course of the lawsuit, the federal judge allowed 400 subpoenas to be issued to competitors in the workers compensation insurance industry.
AIG filed the recent motion, stating class action cases were created for use by many individual plaintiffs with seeking small reimbursement and not large corporations seeking billions of dollars in settlement monies. AIG has previously alleged they were the ‘scapegoat’ in the cover up by other companies during Spitzer’s investigation and was started to injure the reputation of AIG.
Read More About AIG Attempts to Thwart Worker’s Comp Class Action - Again...
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