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IBM Cooper Settlement Insurance Coverage

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  • madinpok
    Here is an interesting court decision on a case that I wasn t aware of until now. Apparently, IBM has been trying to collect on an insurance policy to
    Message 1 of 5 , Feb 21, 2012
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      Here is an interesting court decision on a case that I wasn't aware of until now.

      Apparently, IBM has been trying to collect on an insurance policy to reimburse IBM for the damages in the Cooper v IBM settlement!

      http://www.courts.state.ny.us/CTAPPS/Decisions/2012/Feb12/20opn12.pdf
    • stevedbmw
      Please net it down - legalese puts me in a trance. Thanks steve at pok
      Message 2 of 5 , Feb 22, 2012
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        Please net it down - legalese puts me in a trance. Thanks

        steve at pok

        --- In ibmpension@yahoogroups.com, madinpok <no_reply@...> wrote:
        >
        > Here is an interesting court decision on a case that I wasn't aware of until now.
        >
        > Apparently, IBM has been trying to collect on an insurance policy to reimburse IBM for the damages in the Cooper v IBM settlement!
        >
        > http://www.courts.state.ny.us/CTAPPS/Decisions/2012/Feb12/20opn12.pdf
        >
      • justa_bean_counter
        Why I m shocked, shocked I tell you! Kathi Cooper (with a smirk on her face)
        Message 3 of 5 , Feb 22, 2012
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          Why I'm shocked, shocked I tell you!

          Kathi Cooper
          (with a smirk on her face)

          --- In ibmpension@yahoogroups.com, madinpok <no_reply@...> wrote:
          >
          > Here is an interesting court decision on a case that I wasn't aware of until now.
          >
          > Apparently, IBM has been trying to collect on an insurance policy to reimburse IBM for the damages in the Cooper v IBM settlement!
          >
          > http://www.courts.state.ny.us/CTAPPS/Decisions/2012/Feb12/20opn12.pdf
          >
        • donwshuper50
          Really !!! (:)-PP Neat Big blew gets tax break on insurance stands chance of getting at least some costs of Cooper repaid to put into perks for the
          Message 4 of 5 , Feb 22, 2012
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            Really !!! (:)-PP>>>

            Neat Big blew gets tax break on insurance
            stands chance of getting at least some " costs" of Cooper repaid to put into perks for the " leaders "
            Now they want the rest of the " costs " repaid - no doubt tax free

            Heads they win- tails they win but maybe not quite as much

            Must have been a few sharp green eyeshades types using expertise to work out the REAL risk versus reward benefits involved in getting caught while hosing the grunts to improve the vapor profits which roll up into even more management perks

            Is that great leadership or what ??? :-(


            ++++
            --- In ibmpension@yahoogroups.com, justa_bean_counter <no_reply@...> wrote:
            >
            > Why I'm shocked, shocked I tell you!
            >
            > Kathi Cooper
            > (with a smirk on her face)
            >
            > --- In ibmpension@yahoogroups.com, madinpok <no_reply@> wrote:
            > >
            > > Here is an interesting court decision on a case that I wasn't aware of until now.
            > >
            > > Apparently, IBM has been trying to collect on an insurance policy to reimburse IBM for the damages in the Cooper v IBM settlement!
            > >
            > > http://www.courts.state.ny.us/CTAPPS/Decisions/2012/Feb12/20opn12.pdf
            > >
            >
          • madinpok
            The legalese is indeed hard to follow, but after doing some searches, here is what I think is going on. Companies often take out insurance policies for their
            Message 5 of 5 , Feb 22, 2012
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              The legalese is indeed hard to follow, but after doing some searches, here is what I think is going on.

              Companies often take out insurance policies for their pension
              and 401k plans to protect them against breaches of fiduciary trust. Typically, this might be to protect them against someone like the company treasurer or a payroll clerk who steals the money that was supposed to go into the pension plan or 401k plan for the benefit of the employees.

              IBM tried to file a claim against their insurance policy to get them to pay for part of the Cooper settlement. IBM tried to claim that by amending the plan such that it contained age discrimination, IBM breached its fiduciary duty and therefore the plaintiff's legal fees, which IBM had to pay as part of the settlement, should be covered by insurance.

              There was some disagreement between IBM and the insurance company over
              the language in the policy that describes what is covered. The insurance company refused to pay and so it wound up in court. The initial court decision went in IBM's favor since the legal precedent is that when language is unclear in a policy, the decision should go in the insured party's favor.

              But the appeals court disagreed and said that since the Cooper suit had nothing to do with fiduciary duties, and that the role IBM played in changing the plans had nothing to do with fiduciary duties, the claim is not valid.

              The bottom line is that the insurance company does not have to pay IBM.


              --- In ibmpension@yahoogroups.com, "stevedbmw" <stevedbmw@...> wrote:
              >
              > Please net it down - legalese puts me in a trance. Thanks
              >
              > steve at pok
              >
              > --- In ibmpension@yahoogroups.com, madinpok <no_reply@> wrote:
              > >
              > > Here is an interesting court decision on a case that I wasn't aware of until now.
              > >
              > > Apparently, IBM has been trying to collect on an insurance policy to reimburse IBM for the damages in the Cooper v IBM settlement!
              > >
              > > http://www.courts.state.ny.us/CTAPPS/Decisions/2012/Feb12/20opn12.pdf
              > >
              >
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