Narda, Inc. v. Rhode Island Hospital Trust National Bank

NIEMEYER, District Judge.

OPINION AND ORDER

An employee benefit plan established by NARDA, Inc. (the National Appliance and Radio-TV Dealer’s Association) (“NAR-DA”) to provide its members with medical benefits, life insurance, and related benefits became insolvent in May 1986 because the value of claims of participants for medical benefits exceeded the premiums collected. By September 1987 NARDA had accumulated more than $2 million in unpaid claims, and on October 31, 1987, it terminated altogether the benefits which it had been providing to members. This action, which is brought under the…