TriCare Seeks $115 Million in Damages From Several Insurers

TriCare Inc., an Irvine-based provider of occupational health-care services, said Friday it has filed lawsuits against a number of insurers and is seeking $115 million in damages.

The company did not identify the companies that it sued. Company officials could not be reached for comment.

In a statement, the company alleged that its business was “destroyed” as a result of the defendants’ conduct.

TriCare, based in Irvine, operates six clinics that provide treatment for workers hurt on the job. The company recently reported a $13-million loss for its most recent fiscal year and laid off more than 100 workers.

The California workers’ compensation system is under continual criticism by state regulators, business groups, insurers and medical experts. Complaints have centered on fraud in the claims and treatment systems and on the high cost to employers of the state-required insurance coverage.

Gainful foreclosures: Home builder J.M. Peters Co. of Newport Beach, which lost $3.5 million for the first six months of its fiscal year, reported late Friday that Bank of California has foreclosed on 221 lots that the company owns in Mission Viejo.

In an odd twist, however, the bank’s action will result in a net gain of about $4 million for the company. The reason for the gain is that the company had already written down the value of those lots to an amount that was about $4 million less than the loan and accrued interest.

Company officials could not be reached for comment.

J.M. Peters, based in Newport Beach, is struggling through Southern California’s real estate recession. Besides its loss for the six months ended Aug. 31, the company lost a total of $142.3 million for its two latest fiscal years.