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CRM and State Strike Surprise 'Standstill' Deal in Trust Suit

05/18/2010
By Michael Whiteley Eastern Bureau Chief The New York State Workers' Compensation Board SWCB and CRM Holdings reached a "standstill" agreement in the board's 450 million lawsuit last month in a deal that has set off alarms for the AFL-CIO and attorneys representing some of the state's

Category: News

Collection Rate from Members of Failed Trusts Less than 5%

04/21/2010
settlement if it doesn't bring you certainty." Eight of the 12 insolvent trusts were run by Compensation Risk Managers CRM which surrendered its remaining trusts and its third-party administrator's license in New York in September 2008. The board has filed suit against CRM alleging mismanagement false

Category: News

Tab for Trust Failures More than $450 Million

04/20/2010
emergency assessments levied by former board Chairman Zachary Weiss to cover injured workers' claims from failed trusts. She ruled that the assessments amounted to an unconstitutional taking of private property and ordered the board to repay the assessments. Eight trusts managed by CRM and four others shut

Category: News

Judge Finds Assessments on Healthy Group Trusts Unconstitutional

04/16/2010
CRM a Poughkeepsie N.Y.-based trust manager that surrendered its third-party administrator's license and pulled out of the New York market in 2008. CRM's withdrawal and surrender of the remainder of eight trusts it once managed in the state came in response to administrative charges filed by Weiss

Category: News

CRM Announces Further Layoffs in U.S. Downsizing

03/30/2010
CRM Holdings the Bermuda-based parent of group self-insured trust manager Compensation Risk Managers CRM told securities regulators last week it has trimmed another 30 employees from its United States subsidiaries. CRM Holdings said in a filing with the U.S. Securities and Exchange Commission

Category: News

AFL-CIO Pushing for Further Investigation of Group Trusts

03/10/2010
trusts that have dissolved or failed since 2006. Art Wilcox workers' compensation chief for the union and a member of the group trust task force said Tuesday that a forensic audit of Compensation Risk Managers CRM a former New York group trust manager has raised questions about whether other trust

Category: News

Less than Half of State's Self-Insured Group Trusts Still Standing

03/09/2010
deadline to report back to lawmakers. At the heart of the problems was the investigation of former New York trust manager Compensation Risk Managers which voluntarily surrendered control of the remainder of its eight group trusts in September 2008 along with its third-party administrator's license. CRM

Category: News

Elite Trust Members Face Tougher Enforcement on Assessments

03/04/2010
assessments needed to retire an estimated deficit of 62 million. FCS and ECTNY's trustees have been handling claims runoff since the board forced Compensation Risk Managers CRM the original trust administrator to surrender control in 2008. Elite shut down in July 2008. FCS took over its runoff about 15

Category: News

SWCB Seizing Failed Trust with Deficit Estimated at $62 Million

03/03/2010
group trust was surrendered by former rival Compensation Risk Managers CRM. The trust which at its height had more than 2676 New York construction-related companies as members was closed on July 16 2008. CRM surrendered control of the remainder of the eight trusts it once managed in New York

Category: News

Shareholder Files Federal Suit Against CRM Holdings

02/09/2010
A Los Angeles law firm has filed a federal shareholders' lawsuit against CRM Holdings mirroring allegations by state auditors that its former New York group self-insured trust manager concealed major financial troubles that harmed investors between 2005 and 2008. The class-action lawsuit filed in

Category: News

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