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Best Source of Up-to-Date news on workers' compensation and disability in New York

AIG Workers Comp Suit Settlement Approved

Posted on Aug 08, 2011

On Monday United States District Judge Robert Gettleman granted preliminary approval of a $450 million settlement offer from AIG. The settlement offer stems from 2006 when Eliot Spitzer, the former New York Attorney General, made the announcement that AIG was underreporting workers compensation premiums for a time that spanned several decades. This was a way for AIG to avoid paying its share of residual market assessments.

The National Workers Compensation Insurance Pool sued AIG with allegations the company violated the Racketeer Influenced and Corrupt Organizations Act. The lawsuit stems from accusations that they were excluded from settlement negotiations even though they paid more than their fair share of residual market assessments due to AIG not paying enough. Liberty Mutual then filed its own lawsuit in an effort to have the lawsuit certified as a class action.

Judge Gettleman has now certified a group of commercial insurance providers who can object to or support the offer from AIG to settle the lawsuits for a $450 million sum. The insurers represented include ACE INA Holdings, Inc., Companion Property & Casualty Insurance Co, The Hartford Financial Services Group, The Travelers Indemnity Co, FirstComp Insurance Co, Auto-Owners Insurance Company, and Technology Insurance Co. Liberty Mutual has said they will most likely file an appeal on the judge's settlement approval.