Sunday, October 26, 2008

random financial fallout

Some of the costs involved with the financial turmoil are not obvious. From down in Raleigh is this headline. AIG agrees to $18 million injury settlement. Why of interest here? This quote is curious:
No one representing National Union Fire Insurance Co. of Pittsburgh, an AIG subsidiary, showed up for trial to defend the company that owned the pickup truck involved in the incident and the employee who drove it.

Nobody showed up? At all? The 18mil settlement is just the lawyers attempt to get money quick. Because nobody showed up to defend the case, the original judgement was for $75 mil.
The lawsuit settlement appears to be one of the largest in the state's history for a personal injury case, local lawyers said.
That is quite a story if a local insurance company makes history just because somebody forgot to retain counsel?


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