Eleven First Cardinal Trusts Vote to Dissolve in N.Y.

First Cardinal – New York's largest manager of group self-insured trusts –  told brokers on Monday that 11 of its 14 self-insured trusts have voted to dissolve in the wake of legislative reforms that the Latham, N.Y., company warns will further expose healthy trusts and their members to the failure of other trusts across the state.First Cardinal President/Chief Executive Officer Richard S. Flaherty said in a letter mailed Monday that members of the 11 trusts gave "unanimous consent" to dissolution and are taking the steps to withdraw from the market. The letter was posted...