Massive Case leads to $41 Million in Settlement Costs; North Carolina Workers’ Compensation Analysts Look for Implications
A heated battle between a company called Majestic Capital Limited and the New York State Workers’ comp board has finally burned its way out, according to North Carolina workers’ compensation analysts and major news organizations.
Per the terms of the big settlement, Majestic Capital will pay $41 million to the State of New York, pursuant to allegations that the company mismanaged a number of trusts, indirectly causing damages equaling around $400 million. Attorney General Andrew Cuomo (who was elected Governor of New York on Tuesday November 2nd) oversaw the settlement with Majestic.
The details are quite complicated and convoluted. Majestic is incorporated in Bermuda, but the company has its headquarters in Poughkeepsie. The California Department of Insurance, Bermuda Monetary Authority, and an independent errors and omissions insurance carrier all played key roles in paying for and/or negotiating the terms of the settlement and the logistics of the arrangement.
North Carolina workers’ compensation experts can look at cases like this and probe them to understand the minutiae. But individual claimants, who are dealing with issues like sore backs, on the job slip-and-fall injuries, and asthma from inhaling polluted air at work, may have little to no interest in these nuances. The reason why we want to mention this $41 million settlement is to illustrate how convoluted workers’ compensation law can become.
Sure, this case was a relatively big one. But look how complicated it got. It ended up involving entities in California, Bermuda, New York, and elsewhere. Who knows how many dozens of people had to hammer out solutions and hash out the logistical details.
All of this is to say that, if you are struggling to come to terms with an insurance related question, or if you want to compel your boss to take your claim more seriously, it may behoove you to work with experts who understand the system.
A competent, experienced, and resource rich North Carolina workers’ compensation law firm can give you an upfront consultation and help you understand how to proceed most efficiently and effectively.
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Majestic: Lawsuit settlement to cost $41 million
