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|Farmers Insurance Exchange Class Action Settlement|
- Thursday, 16 June 2011 13:45
Farmers Insurance Exchange Class Action Settlement
By Matt O'Donnell
Farmer's Group, Inc. has reached a $455 million class action lawsuit settlement over allegedly charging its insurance Exchanges, which are owned by subscribers, illegally high fees. The Farmers class action settlement affects anyone who subscribed to an insurance policy issued by Farmers Insurance Exchange, Fire Insurance Exchange or Truck Insurance Exchange between 1999 and 2010.
The Farmers Group class action settlement will resolve allegations that the management fees that Farmers Group received to manage certain operations of the Farmers insurance Exchanges were too high and that Farmers Group made too much in profits in violation of California law. The Exchanges are insurance companies that are owned by their subscribers. The management fees that the Exchanges pay Farmers Group come out of the premiums that subscribers pay for their insurance.
Farmers Group denies any wrongdoing but has agreed to settle the class action lawsuit, entitled Fogel v. Farmers Group, Inc., by creating a $455 million settlement fund to pay out Class Members. Class Members of the Farmers Group settlement include anyone who, at any time between January 1, 1999 and December 31, 2010, had an insurance or reinsurance policy issued by Farmers Insurance Exchange, Fire Insurance Exchange or Truck Insurance Exchange.
As a Class Member, you're entitled to a certain percentage of the Farmers class action settlement. Your payment will depend on the amount of premiums you paid during the class period as well as the amount of premiums paid by all Class Members during that time period. To receive your share of the Farmers class action settlement, you must submit a valid claim form online at FogelSettlement.com or postmarked no later than December 6, 2011.
Detailed information on how to submit a valid claim form and receive your share of the Farmers Group Insurance Exchange Class Action Lawsuit Settlement can be found in our Open Lawsuit Settlements section.
Updated June 16th, 2011
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Last Updated on Thursday, 27 December 2012 10:09