Friday, April 12, 2024

BAICO suit

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MORE THAN A DOZEN RETIRED staff members of British American Insurance Company (BAICO) have filed a class action lawsuit against the business to have their pension payments reinstated.
The court action was filed by 17 former employees, some of whom worked for BAICO for more than 30 years, claiming their pensions had been stopped since January last year.
The development comes as one Eastern Caribbean leader made a fresh appeal yesterday to the governments of Barbados and Trinidad and Tobago for justice on behalf of investors and policyholders in both BAICO and CLICO.
In a SUNDAY SUN exclusive interview, St Kitts and Nevis’ Prime Minister Dr Denzil Douglas described the fallout caused by the collapse of the two prominent regional companies as nothing short of “painful”, but he warned that the people of the Eastern Caribbean must not be left holding “an empty bucket”.
He said the BAICO matter, which was currently engaging the attention of the sub-region’s leaders, had impacted the lives of the people in the Eastern Caribbean more than anything else, adding “we are really almost running out of patience”.
He also suggested that the sub-region needed to seek legal advice on both CLICO and BAICO, which are currently the subjects of regional litigation.

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