High Court Says Self-Insurance Group Can Proceed with Claims over Mismanagement of Assets

The Alabama Supreme Court last week revived a workers' compensation self-insurance group's claims against its former investment banker and broker for their alleged mismanagement of the group's assets. The Municipal Workers Compensation Fund, which provides coverage to 624 municipalities and governmental organizations in Alabama, has accused the Morgan Asset Management and Morgan Keegan & Co. of mishandling its money. The fund said it entrusted the Morgan companies with $50 million in assets, and $15 million of that was lost because the companies decided to buy and hold ri...