Quote of the day
"A $216 million loss - somebody's got to answer."
Richard Kerger, attorney for investment manager Mark Lay, whom a jury convicted for fraud in connection with his management of a hedge fund that lost $216 million of Ohio Bureau of Workers' Compensation money
Canadian Miner Wins Workers’ Comp for Cancer Treatment
The Newfoundland Supreme Court upholds awarding a worker, who drove a fuel and chemical truck at an iron ore mine for more than 40 years, benefits for treatment of his non-Hodgkin’s lymphoma. The Iron Ore Company of Canada is still deciding whether to appeal.
Go to the full story by Peter Walsh, Canadian Press via Calgary Sun
Go to the full story in CBC News [With Photo]
Q&A: Landscaping Accident
Question: The landscaping company for which I’ve worked for about a year has only a couple of employees and does not carry workers’ compensation insurance. Does my employer have any responsibility to help cover the cost of surgery for my work-related knee injury and for the time I’ll miss work? By Harry Wessel, Orlando Sentinel
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Sunshine State Insurance Commissioner Approves Rate Cut
Workers’ compensation rates will drop 18.4 percent next year in the Sunshine State under a filing approved yesterday by Florida Insurance Commissioner Kevin McCarty, who recently rejected the NCCI’s proposed 16.5 percent statewide cut. By AP via Miami Herald
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‘Tiger Team’ Attacks Costs at Texas Army Depot
A federal workers’ compensation case management team has slashed future long-term liability at a U.S. Army installation in Texas from around $60 million to $27 million. Here’s how they did it. By Melissa Turley, Risk and Insurance
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Lay’s Attorney Shocked by Potential Sentence
The attorney for convicted investment manager Mark Lay, Richard Kerger, contends he did not expect guilty verdicts for his client that carry a possible prison sentence of 20 years. Kerger said he expected Lay, who managed a hedge fund that lost $216 million of Ohio Bureau of Workers’ Compensation money, to get 8-10 years. By Terry Oblander, Cleveland Plain-Dealer
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Yukon Workers’ Advocate Vows to Appeal Suspension
The Yukon’s workers’ advocate says he will appeal his recent suspension for allegedly claiming 740 hours over the past five years that he did not actually work. Mike Travill claims the Justice Department allowed him to be part of a panel to review the Workers’ Compensation Act that lasted seven years and took him away from his regular duties for more than 700 hours, but that he made up for the lost time on evenings and weekends. CBC News
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Montana’s Old Fund May Run Dry by 2011
Actuaries estimate that Montana’s Old Fund, which pays workers’ compensation claims for job-related injuries prior to July 1, 1990, will run out by 2011-12. The shortfall, in large measure, stems largely from when the legislature in 2003 took $22 million in “surplus” and put into the general fund to help balance the state’s budget for the next two years. By Jim Gransberry, Billings Gazette via Helena Independent Record
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