The Wisconsin Department of Workforce Development and the state’s Department of Justice have reached a $200,000 settlement as part of the Department of Workforce Development’s claim filed in the bankruptcy case of Briggs & Stratton Corp. The claim, which…
The Wisconsin Department of Workforce Development and the state’s Department of Justice have reached a $200,000 settlement as part of the Department of Workforce Development’s claim filed in the Briggs & Stratton Corp. bankruptcy case.
Requirement, which was filed in December 2020, was $9,981,290. According to the filing, Briggs & Stratton Corp. was self-insured for Wisconsin workers’ compensation obligations from December 3, 1957 through August 25, 2020. Due to their bankruptcy filing, Briggs & Stratton defaulted on its self-insured workers’ compensation obligations. . A $5 million bond will also be available to pay Briggs & Stratton Corp workers’ compensation claims, according to a Department of Workforce Development press release. A Self-Insured Employers Liability Fund (SIELF) will be used to pay any claims if the bond of $200,000 and $5 million is exhausted. The SIELF is financed by contributions from other self-insured employers when needed. All workers’ compensation claims are paid directly or indirectly by employers. No taxpayer funds are used. “Wisconsin’s workers’ compensation system provides critical security for Wisconsin residents injured on the job,” state Attorney General Josh Kaul said in a statement. “This result will help protect the Self-Insured Employers Liability Fund and, in turn, save money for Wisconsin’s self-insured employers.” Briggs & Stratton Corp. filed for chapter 11 bankruptcy in federal court in Missouri in July 2020. The company completed its sale to a subsidiary of a New York-based private equity firm KPS Capital Partners in September 2020.
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