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Tab for Trust Failures More than $450 Million

Tuesday, April 20, 2010 | 0

By Michael Whiteley, Eastern Bureau ChiefTotal liabilities for New York state's failed self-insured group trusts has topped $450 million -- and all of the costs haven't yet been tallied, according to the law firm that prevailed in the constitutional fight over assessments levied to cover the failures.The law firm representing 13 trusts formerly managed by First Cardinal said in a news release that a ruling by acting Supreme Court Justice Kimberly O'Connor last week spared 7,000 employers from paying the tab for a dozen other trusts that failed between 2006 and 2008."The $450 millio...

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