Penn. Insurance Exchange Leaders Want $300M Action Nixed

Law360, New York (May 17, 2013, 6:52 PM EDT) -- Directors of a company that runs the Erie Insurance Exchange urged a Pennsylvania federal court to toss a $300 million putative class action claiming they violated fiduciary duties to millions of exchange members, arguing that the dispute belongs before the Pennsylvania Insurance Department.

The putative class action was brought on behalf of the Erie Insurance Exchange and its more than 2 million subscribers. The suit accuses the directors of the Erie Indemnity Co., which operates the exchange, of breaching their fiduciary duties by letting Indemnity keep...
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