Mont. Intervenes In $565M Farmers Settlement

Law360, Los Angeles (October 31, 2011, 9:08 PM EDT) -- A California judge on Monday allowed the state of Montana to intervene and challenge terms of a proposed $565 million settlement in a class action alleging Farmers Group Inc. breached its fiduciary duties and violated unfair competition laws by overcharging policyholders for management fees.

“I believe it’s prudent and proper to allow Montana to intervene,” Los Angeles Superior Court Judge William F. Highberger said at a hearing Monday. “If the settlement is to be approved, it can only benefit by having as many eyes as possible...
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