CRM Holdings, the Bermuda parent of Compensation Risk Managers, on Thursday challenged allegations of fraud and breach of fiduciary duties included in a lawsuit filed by the New York State Workers' Compensation Board (SWCB) this week.CRM blamed the failure of a string of group self-insured trusts it managed in New York on general troubles in the industry.On Wednesday, the SWCB filed suit in Supreme Court in Albany, N.Y, seeking $405 million in its costs and losses compiled by a series of trusts CRM managed before it withdrew from the New York market in 2008.The board alleged that CRM inten...
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