High court turns away appeal from former AIG executives
Recent Cases
The Supreme Court won't hear an appeal from two former American International Group executives seeking to avoid civil fraud claims on charges they hid hundreds of millions of dollars in losses from investors.
The justices on Monday let stand a lower court ruling that said former chief executive officer Maurice Greenberg and former chief financial officer Howard Smith must stand trial.
executives of manipulating AIG's accounting records to hide hundreds of millions of dollars in losses from investors.
The state seeks an order banning Greenberg from working in the securities industry or as an executive for any public company. It also is seeking $53 million, including bonuses Greenberg received during the period he is alleged to have manipulated the company's finances.
Greenberg was seen at Trump Tower in New York on Monday. He did not stop to speak with the press.
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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.