Michael Versichelli and Tamika Hardy Obtain Dismissal of a Putative Class ActionSeptember 7, 2012 | | |
Michael Versichelli and Tamika Hardy obtained dismissal of a putative class action brought by a claimant challenging a no-fault insurer’s industry-wide practice of calculating lost wage benefits under New York’s no-fault law. The court held that a no-fault insurer is permitted to offset the 20% tax reduction for lost wages against the $50,000 cap for basic economic loss, and satisfies its obligation to pay first party benefits when the combined benefit payments and statutory offsets equal $50,000, even if the amount actually paid by the insurer totals less than $50,000.
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