$58.5 million settlement with AG's office in workers compensation suit.

$58.5 million settlement with AG's office in workers compensation suit.

Boston, MA: (May-14-07) An investigation by Massachusetts attorney general Martha Coakley's office led to a lawsuit against American International Group Inc., accusing it of having failed to pay surplus workers compensation funds to Massachusetts. The probe revealed that AIG failed to pay certain surplus monies, related to residual market pool coverage, to the state as required under its contract as the workers compensation insurer for the Central Artery Tunnel Project, a massive transportation project known as the Big Dig. IAIG agreed to pay $58.5 million to settle accusations.which includes $26 million in surplus payments owed to the state, plus interest. All recovered money, less $40,000 in attorney's fees, will be returned to the Central Artery Tunnel project which is overseen by the Massachusetts Turnpike Authority. [BUSINESS INSURANCE: CENTRAL ARTERY TUNNEL PROJECT]

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Published on May-15-07