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Majestic Warns of Bankruptcy amid Questions over Deal with SWCB
11/08/2010
By Michael Whiteley Eastern Bureau Chief
Majestic Capital the holding company for Majestic Insurance Co. and Compensation Risk Managers CRM warned in securities filings last week its future is in question as it works to finalize a sale and settle differences with New York regulators.
In
Category: News
Stakeholders See Cuomo as Agent of Change for Comp
11/04/2010
board but is hopeful that Cuomo will rescue the state's troubled group self-insured trust system. Paterson has proposed scrapping the system which has nearly 500 million in unpaid workers' claims left from failed trusts.
Cuomo's office also led the investigation of Compensation Risk Managers CRM
Category: News
SWCB Reaching Settlement with CRM Parent
11/04/2010
By Michael Whiteley Eastern Bureau Chief
The New York State Workers' Compensation Board SWCB said Wednesday it has reached a tentative settlement with the parent company of Compensation Risk Managers CRM to resolve a pending 450 million lawsuit and a parallel investigation by New York
Category: News
SWCB Posts New Trust Regs While Questions Abound
10/28/2010
become governor in January.
Camp said trust administrators have been told that either way there will be major changes at SWCB.
She said Cuomo has been personally involved in his office's investigation of trusts formerly managed by Poughkeepsie N.Y.-based Compensation Risk Managers CRM which ran
Category: News
Fishkill Strikes Deal to Pay Off Some Trust Liabilities
09/14/2010
CRM which has since withdrawn from the New York trust market. SWCB is suing CRM for 450 million based on unpaid workers' claims left from failed trusts.
The Journal reported that the town of Wappinger and the village of Wappinger Falls N.Y. also have liabilities from the trust failure
Category: News
Audits Point to Conflicts of Interest, Risky Discounts by Failed Trusts
09/07/2010
against Compensation Risk Managers and its parent CRM Holdings last December.
CRM Holdings changed its name to Majestic Capital Ltd. earlier this year. The company did not return a call for comment on the audits.
Brian Keegan SWCB's public information director said the full copies of the forensic
Category: News
Plattsburgh Spent $1.2 Million to Bail Out of Group Trust Crisis
08/24/2010
woes the newspaper said the city should never have joined the Public Entity Trust of New York one of eight trusts once managed by Compensation Risk Managers CRM.
CRM withdrew from trust management in New York after the State Workers' Compensation Board filed administrative charges accusing it of
Category: News
Lawsuit Ruling Similar to Issues in Board Fight with CRM
07/13/2010
By Michael Whiteley Eastern Bureau Chief
A federal judge in New York has granted some claims in a lawsuit filed against a group self-insured trust manager once tied to Compensation Risk Managers CRM that are parallel to those pending in a lawsuit filed against CRM by the New York State Workers
Category: News
End of Trust System Could Wait Until 2011
06/10/2010
liabilities left behind from failed trusts were associated with trusts run by Compensation Risk Managers CRM and an affiliate Consolidated Risk Services which was chartered by former CRM co-CEOs Daniel Hickey Jr. and Martin Rakoff.
"They were connected by both ownership and philosophy" Camp said of the
Category: News
Task Force Calls For End to Group Self-Insured Trust System
06/08/2010
."
Compensation Risk Managers is owned by Bermuda-based CRM Holdings which is facing a lawsuit by SWCB that seeks 450 million in damages. In addition to its initial administration charges it alleges that executives at CRM Holdings at the time of the trust failures had conflicts of interest.
The task force
Category: News
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