How New York Workers Can Recover From Insolvent Trusts
Law360, New York (February 1, 2017, 1:30 PM EST) -- Linda J. Clark
David M. Cost In the latest development in group self-insurance workers' compensation trust (GSIT) litigation in New York state, an appellate court recently issued an important decision that recognizes the rights of former GSIT employer members. The GSIT litigation arises out of the New York State Workers Compensation Board's dismantling of a billion dollar self-insured trust program that proved to be an abysmal regulatory and policy failure. Thousands of New York employers were ushered into risky GSITs that rapidly became underfunded, thereby setting the stage for the cataclysmic failure of the entire system that left employers facing huge...
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