Regulators Peg Losses at $100M as Park Avenue Criminal Case Draws to a Close

Criminal cases stemming from fraud at Park Avenue Bank of New York and its role in the $37.5 million purchase of Oklahoma-based Providence Property and Casualty Insurance Co. and a subsidiary are drawing to a close. But Oklahoma regulators say the collapse of two workers' compensation insurers precipitated by the fraud has left behind $100 million in losses and dozens of pending lawsuits against professional employer organizations that took out large-deductible policies and allegedly failed to pay their portion of claims. "Some money has been recovered, but it's minimal compared...