Re: SAIF Propaganda

Author Subject: Re: SAIF Propaganda
Marty Posted At 12:37:03 02/27/2000
This was found on the site above

Since employees pay work comp premiums too has anyone figured out why they don't directly get refunds also. Could there be a class-action lawsuit in here by employees considering that SAIF repeatedly and regularly has given back money.

Settlement money returned

SAIF Corporation has returned more than $80 million, its share of the $225 million settlement of a lawsuit stemming from a 1982 raid on SAIF funds, to more than 57,000 eligible Oregon employers to benefit them and their employees.

This essentially ends SAIF’s involvement in a protracted dispute that dates back 17 years to when the Oregon Legislature took $81 million from SAIF to balance the state’s budget. In 1996, a settlement was reached in a class action suit that became known as the Alsea Veneer case. The suit was filed on behalf of SAIF policyholders damaged by the 1982 raid on SAIF’s funds. (see news releases)

The settlement provided that $145 million of the $225 million in damages would be paid directly to the plaintiffs and their lawyers and for litigation costs. The remaining $80 million was appropriated to SAIF by the 1999 Legislature. SAIF received the money in mid-July and has returned it to eligible businesses that were insured with SAIF between July 1, 1981 and December 31, 1994. An additional $1.7 million in interest earned by SAIF since the $80 million was paid by the Legislature was added to the money sent out.

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