SWCB Seizing Failed Trust with Deficit Estimated at $62 Million

By Michael Whiteley, Eastern Bureau Chiefmike@workcompcentral.comThe New York State Workers' Compensation Board is moving to seize control of the Elite Contractors Trust of New York from FCS Administrators, the trust manager tapped by the board to wind down workers' claims after the self-insured group trust was surrendered by former rival Compensation Risk Managers (CRM).The trust, which at its height had more than 2,676 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 Yo...