Zurich Unit To Pay $545M To Settle Fee Class Action

Law360, New York (October 7, 2010, 2:08 PM EDT) -- Swiss insurer Zurich Financial Services Group Ltd. revealed Thursday that it will shell out $545 million, including legal fees, to lay to rest a class action accusing its U.S. subsidiary of charging inflated fees to as many as 13 million policyholders.

The company’s unit, Farmers Group Inc., reached the settlement in a nationwide class action in Los Angeles County Superior Court, the company said.

The proposed deal – which still needs the court’s stamp of approval – will resolve claims dating back to 1999, the company...
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