State Farm Hit With $34.3M Jury Verdict Over Policy Fees
By Brandon Lowrey (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...
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