Suit stalls California plan to sell part of workers' compensation fund

12/29/2009 | Los Angeles Times (tiered subscription model)

A proposal by California Gov. Arnold Schwarzenegger to sell a portion of the State Compensation Insurance Fund in an attempt to raise funds to help solve the state's budget deficit has been stalled after state Insurance Commissioner Steve Poizner filed a lawsuit to prevent the plan. "State Fund was set up in the California Constitution for the sole purpose of supporting the workers' compensation system. It's not there for the purpose of taking out money," Poizner said.

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