Allstate Investors Win Cert. Again In Shoddy-Underwriting Suit

Law360 (December 21, 2020, 6:45 PM EST) -- An Illinois federal judge on Monday certified a class of investors accusing Allstate Corp. of secretly lowering underwriting standards to boost business, after the Seventh Circuit vacated the initial certification so the judge could consider additional evidence.

Following the appellate court's orders to include evidence of market price impact in its certification analysis, U.S. District Judge Robert Gettleman said he found "several deficiencies" in an expert report Allstate submitted to rebut the presumption that alleged misrepresentations regarding a spike in claims impacted its stock price between October 2014 and August 2015.

For example, the judge said the expert's conclusion that Allstate's...

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