Saint Vincents eyes $9.65 million settlement with trust, insurers

By Lisa Kerner

Charlotte, N.C., April 13 - Saint Vincents Catholic Medical Centers of New York requested court approval of a settlement agreement with its medical malpractice trust SVCMC MedMal-MW Trust and its insurers, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

A hearing is scheduled for May 19.

The insurers include London Insurance & Reinsurance Market Association; Lexington Insurance Co.; Catlin Syndicate Ltd. (formerly Catlin Westgen Ltd.); Union America Insurance Co.; American Continental Insurance Co.; Limit (No.3) Ltd.; Cx Reinsurance Co. (formerly CNA RE); and Zurich Reinsurance London Ltd.

Under the settlement, Med Mal will pay a total judgment related to a 2001 malpractice action of $9.65 million.

The insurers will reimburse Med Mal for $5.65 million of the amount, making Med Mal responsible for payment of $4 million, the filing said.

Saint Vincents, a New York-based health care system, filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11963.

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