LAWSUITS NEWS & LEGAL INFORMATION
Insurer Investments
Raleigh, NC: (Nov-28-07) The state brought charges against Medical Mutual Insurance Co., the state's largest malpractice insurer, alleging that the company broke state law by investing in real estate partnerships meant to compensate top executives. The suit stemmed from an audit conducted earlier in 2007 by the state department of insurance, which revealed that Medical Mutual entered into five real estate investments through nine limited liability companies starting in 1997. Investments ranged from $535,000 to $2,578,750. The suit stated that executives of Medical Mutual also invested in the companies, and that their combined investments ranged from $240 to $6,860. Executives who invested included CEO A. Dale Jenkins, senior vice presidents David Paul Sousa and Brian Kent Tucker, and treasurer Paul Mark Davidson.
As part of a settlement reached, Medical Mutual Insurance agreed to pay the state $75,000 to resolve allegations. The malpractice insurer did not admit to any wrongdoing in the settlement and stated that it believes the arrangements were legal. [TRIANGLE BUSINESS JOURNALS: INSURER INVESTMENTS]
Published on Nov-30-07
As part of a settlement reached, Medical Mutual Insurance agreed to pay the state $75,000 to resolve allegations. The malpractice insurer did not admit to any wrongdoing in the settlement and stated that it believes the arrangements were legal. [
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