LAWSUITS NEWS & LEGAL INFORMATION
Tentative Farmers Insurance Verdict of $130 Million in Class Action Settlement
This is a settlement for the Bad Faith Insurance lawsuit.
A class action suit brought by 76,000 people against Farmers Insurance Co, has received a tentative settlement verdict of $130 million.
The suit had alleged that the insurer had failed to pay for general contractors, claimed breach of contract, bad faith and fraud. The average cost per person for unpaid bills and for fixing damaged homes was $575.
The verdict, handed down September 17, awards homeowners $50 million for breach of contract, $50 million for bad faith and $30 million in punitive damages. Additionally, duplicate actual damages are included in the verdict, to reduce the total judgment to $80 million. And, if the verdict is upheld, the homeowners will receive 15 percent interest on actual damages and attorneys' fees.
SEPT-26-08: Insurer loses $130 million class-action suit [TULSAWORLD: FARMERS INSURANCE SETTLEMENT]
Published on Sep-26-08
The suit had alleged that the insurer had failed to pay for general contractors, claimed breach of contract, bad faith and fraud. The average cost per person for unpaid bills and for fixing damaged homes was $575.
The verdict, handed down September 17, awards homeowners $50 million for breach of contract, $50 million for bad faith and $30 million in punitive damages. Additionally, duplicate actual damages are included in the verdict, to reduce the total judgment to $80 million. And, if the verdict is upheld, the homeowners will receive 15 percent interest on actual damages and attorneys' fees.
SEPT-26-08: Insurer loses $130 million class-action suit [TULSAWORLD: FARMERS INSURANCE SETTLEMENT]
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