Thu., 5:30 pm: Judge OKs settlement in workers’ comp case

COLUMBUS (AP) – The Ohio Bureau of Workers Compensation will pay out $420 million to state employers that were overcharged for insurance premiums under a settlement approved Thursday by a judge.

Cuyahoga County Judge Richard McMonagle said the settlement he approved “is good for the workers.”

The settlement ends a class-action lawsuit that dragged on for years. It creates a fund to repay businesses that were overcharged for workers compensation premiums from July 2001 to June 2009. More than 200,000 small business owners in the state were affected.

An earlier court ruling said Ohio’s state insurance fund for injured workers set up an illegal rating system that resulted in employers being overcharged nearly $860 million. The state settled the case rather than appealing to the Ohio Supreme Court.

Read the whole story in Friday’s Tribune Chronicle.