ON DECEMBER 8, 2004, OUR FIRM WROTE A LETTER TO EACH of the forty-seven state insurance commissioners who were being asked to endorse the Spitzer Maine-Massachusetts-Tennessee agreement.

Gene Anderson had already pointed out that UnumProvident had set aside reserves of only $80 million for its projection of the amount that would be necessary to pay settlements on the reevaluated claims. Given that UnumProvident had targeted high-dollar claimants for terminations in the first place, Anderson noted that this meant its reserves estimate assumed that only a tiny fraction of the 215,000 claimants would wind up being paid. Either that, I thought, or the company wasn’t planning on offering much per claim.

In our letter we asked the forty-seven ...

Get Insult to Injury now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.