State Farm $30M Class Deal Over Inflated Rates Ok'd

By Megan Stride

Law360, New York (June 29, 2010, 1:56 PM ET) -- State Farm Fire and Casualty Co. has scored a judge's initial go-ahead on its truce with a putative class of policyholders who accused the company of charging them inflated premiums on their homeowners insurance.

Judge James C. Dever III of the U.S. District Court for the Eastern District of North Carolina gave the settlement agreement his preliminary approval Monday, paving the way for the insurer to create a $30 million settlement fund.

Under the terms of the settlement, in which State Farm denies all liability, the...
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