ASIC To Pay Millions To Settle Unfair Competition Suit

Law360, New York (May 13, 2011, 1:28 PM EDT) -- American Security Insurance Co. agreed to reduce premiums and pay millions — including $4.9 million in attorneys' fees and costs — to settle with 528,000 Californians in a class action alleging violations of the state's unfair competition law, the plaintiffs said Thursday.

The precise settlement figure has yet to be determined because each class member will receive a different amount depending on how much they paid for their force-placed insurance policy, according to a settlement proposal filed by the plaintiffs in California federal court.

Lead plaintiff...
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