Insurance Exchange's Suit Not A Class Action, 3rd Circ. Says

Law360, Los Angeles (June 28, 2013, 4:30 PM EDT) -- A divided Third Circuit ruled Friday that a complaint accusing Erie Indemnity Co. of bilking members of an unincorporated insurance exchange out of $300 million isn't a class action because Pennsylvania law doesn't allow an exchange to file a class action through its members.

While Erie Insurance Exchange's 2.1 million policyholders could benefit from the suit, that didn't make it a class action any more than a complaint by a corporation is a class action just because its shareholders benefit from the company's recovery, the Third...
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