State Farm Hit With $34.3M Jury Verdict Over Policy Fees
Law360 (June 6, 2018, 8:36 PM EDT) -- A Missouri federal jury Wednesday awarded $34.3 million in compensatory damages to a class of over 43,000 State Farm Life Insurance Co. policyholders in the state alleging the insurer deducted more from their accounts than their universal life insurance policies allowed.
Jurors returned their verdict on the fourth day of trial, after two hours of deliberation, finding the insurer liable for breach of contract and conversion.
Class representative Michael G. Vogt sued in 2016 over a $100,000 life insurance policy he bought in 1999. He claimed State Farm calculated policyholders' cost of insurance rates based on commonly used factors such as...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!