More Corruption Charges in NY
National News
The State of New York's former Deputy Comptroller and Chief Investment Officer David Loglisci and Henry Morris, top political adviser and chief fund raiser for Comptroller Alan Hevesi, demanded millions of dollars in kickbacks from investment managers that sought to manager assets held by the New York State Common Retirement Fund, the SEC claims in Federal Court.
The SEC also sued Nosemote LLC, Pantigo Emerging LLC, and Purpose LLC.
Loglisci was deputy comptroller from 2003 through 2006, during which time Morris was adviser to Comptroller Hevesi, the SEC says.
"Loglisci caused the Retirement Fund to invest billions of dollars with private equity firms and hedge fund managers that together paid millions of dollars to Morris and others in the form of sham 'finder' or 'placement agent' fees in order to obtain those investments from the Retirement Fund," the complaint states. These payments to Morris and others were, in fact, little more than kickbacks that were made pursuant to undisclosed quid pro quo arrangement or were otherwise fraudulently induced by the defendants."
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Workers’ Compensation Subrogation of Administrative Fees and Costs
When a worker covered by workers’ compensation makes a claim against a third party, the workers’ compensation insurance retains the right to subrogate against any recovery from that third party for all benefits paid to or on behalf of a claimant injured at work. When subrogating for more than basic medical and indemnity benefits, the Texas workers’ compensation subrogation statute provides that “the net amount recovered by a claimant in a third‑party action shall be used to reimburse the carrier for benefits, including medical benefits that have been paid for the compensable injury.” TX Labor Code § 417.002.
In fact, all 50 states provide for similar subrogation. However, none of them precisely outlines which payments or costs paid by a compensation carrier constitute “compensation” and can be recovered. The result is industry-wide confusion and an ongoing debate and argument with claimants’ attorneys over what can and can’t be included in a carrier’s lien for recovery purposes.
In addition to medical expenses, death benefits, funeral costs and/or indemnity benefits for lost wages and loss of earning capacity resulting from a compensable injury, workers’ compensation insurance carriers also expend considerable dollars for case management costs, medical bill audit fees, rehabilitation benefits, nurse case worker fees, and other similar fees. They also incur other expenses in conjunction with the handling and adjusting of workers’ compensation claims. Workers’ compensation carriers typically assert, of course, that, they are entitled to reimbursement for such expenditures when it recovers its workers’ compensation lien. Injured workers and their attorneys disagree.