Question will we be paying legal fees on money we recieved from July 2012 - Todate?????

Almost forgot, interest owed on your retro at whatever rate it's being paid to us may be billed on up to the date you receive those funds, so if its another two months or a year to finalize a claim, the total amount of interest will be billed at the legal fee/disbursements/service tax amount..

Not just the date you were reinstated, as that would lend the question of interest earned on the whole retro amount after your reinstatement date?

The judge should change the wording of his decision to read that the date that each member is reinstated is the date for consideration of billing purposes, rather than that as of May 1st 2012 the reduction was to cease.. Any funds that were not in effect and payable forward after that date, should not be interpreted as retro, but as going forward..

If its open to interpretation, then it's not clear..

Thanks teen, then para 6 (d ) of the proposal should have read as follows : 5% interest from May 1 , 2012 to the date the amount is paid to MC in trust. For members who were reinstated, 5% interest to the date of being reinstated.

The way it was explained and the way I understand it is your retro pay is up to the day your LTD was reinstated.

Eg: my LTD was re-instated in Oct 2012. So my retro is from Nov 2000 to Sept 2012. That is my retro "date" so that is what MC is allowed to apply legal fees to. Interest applied to my retro will be to that "date".

This is how it was explained to me by Peter during one of our phone conversations during the negotiations.

Trudat bigrex.

These shysters are ripping us off three ways from Sunday every chance they get!

The problem that I see, is that when SISIP sends the money to MC, they will likely not state how much of the money, was earned after May 2012. It will just be a lump sum, consisting of what they consider retroactive payments, interest and the tax top up. The lawyers will base their 8.079% fee off that amount. I think this will be a hotly contested aspect of paying this money through MC, instead of directly from SISIP, as it should be.

In fact, this money is not really part of the lawsuit as described by the judge. The courts ordered the clawback ceased in May, so this money shouldn't be held included as part of the retro, just as the money paid since October isn't considered retroactive payments under the lawsuit, since it was earned AFTER the court order. So therefor SISIP should be calculating the money owed to each client up until MAY 2012, to be sent to MC, and sending the rest attached to the next monthly cheque.

ok, you ll see. Impossible to get interest on money that is paid. Imagine having money in your bank account and after you withdraw it you get interest on money that is not there anymore... impossible.
Interest on retro only.

I have been getting money since July when the clawback stopped you are telling me I am going to get interest on that money? it does not make sense

Well the way I read it and understand it, is that post judgment interest is paid until MC is paid in trust. That would imply that all members regardless of who is receiving monthly payments ,or not receiving monthly payments are entitled to the 5% interest. I do not see where it states , that those that are now receiving monthly payments are not entitled to the added 5% interest. Remember that MC has requested going forward fees, these were rejected by the Judge. That is why the members that are now receiving monthly payments are entitled to the added 5% interest.

yes, but the $1000 a month you get since october, it is money paid, you cant have interest on money your are paid. Only on money you are owed.

Pre - and post judgment interest paid on each offset shall be simple interest calculated as follows :
Para 6 ( d ) of the proposal 5% from May 1 2012 to the date the amount is paid to MC in trust.

you cant get interest on money you were paid! you get interest on money they owe you, period

Navrat, Whatever your retro refund is we will pay 8% fees.Whatever is calculated beyond 1 May 2012 in regards to our going forward payments will be 8% of the 5% you received to the date the amount is paid to MC in trust.

Example: Member is reinstated Oct 01 2012 at $1000.00 a Month, to April 30 2013. $1000.00 X 7 = $7000.00 + 5% INTEREST = $7350.00. $350 X 8% in fees = $28.00. Therefor MC will add the $28.00 to the retro refund. That is why we should check our calculation sheets, to insure that it is correct.

I thought no fees were payable after 1 may 2012. .? Am I wrong!

Full amount.