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Attorney General's News Release

March 11, 2010

Attorney General Koster asks Court to appoint independent trustee to oversee US Fidelis bankruptcy

--cites concerns regarding corporate mismanagement--

Jefferson City, Mo. – Attorney General Chris Koster today asked the federal bankruptcy court to order the appointment of an independent trustee over the US Fidelis bankruptcy proceedings, with the goal of protecting assets for the company’s customers. Koster also urged the need for a top-to-bottom, scrupulous financial examination of the company, citing concerns regarding explicit business practices intended to defraud consumers.

“The filing of the US Fidelis bankruptcy does not end the state’s interest in protecting policyholders of the company,” Koster said. “Existing policy holders deserve to have their contracts fulfilled. In addition, evidence suggests that many former policyholders may still be owed money. We’re asking the Court to order the appointment of an independent trustee, and urging that a top-down financial review is appropriate,” Koster added.

Koster said his office is concerned that the owners of the company used the business to enrich themselves to the detriment of consumers.



 
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