Week in Review
462 Parish claims filed
Some 462 people and businesses filed claims to recover losses from Al Parish's "informal pools" of investments by last week's deadline. The alleged loss is approaching $90 million, according to David Dantzler, an attorney for the receiver in the government's case against Parish. Investigators planned to accept tardy claims for several days. Parish, formerly an economics professor at Charleston Southern University, is free on $1 million bond awaiting trial on 11 criminal charges relating to federal fraud laws. He has pleaded not guilty.
'Wind pool' rates to rise
Property owners insured through the so-called wind pool will see their rates rise an average of 35 percent on Oct. 1. The S.C. Wind and Hail Underwriting Association, which provides wind and hail coverage to people who can't obtain it through private carriers, had requested a 65 percent rate increase. The association's executive director said the need for higher rates was driven by the growing number of policies and the rising cost of reinsurance. State Insurance Department Director Scott Richardson suggested that more increases may follow.
Vehiclemaker cuts staff
American LaFrance, the emergency vehicle manufacturer that recently moved its operations to the Summerville area, has laid off an unspecified number of workers, its second round of job cuts in recent months. The layoffs are a result of American LaFrance's relocation to its new factory and headquarters near Jedburg. The cuts are thought to represent about 10 percent of the company's roughly 400-worker labor force, according to a furloughed employee.
Production line moving
A Moncks Corner manufacturer of automotive belts is trimming its payroll and shifting a local production line to North Carolina and Mexico. Gates Corp. said the move affects 30 employees who made transmission parts at its Berkeley County plant. Of those, the company said, 23 agreed to a "voluntary separation." The other positions will be eliminated.
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