Zurich Financial Services and Farmers Insurance Agree To Settle Class Action Lawsuit Over Insurance Exchange Attorney-In-Fact Management Fees For $455 Million.
A class action settlement has been reached in a class action lawsuit pending against Zurich Financial Services Group Inc. (“Zurich”) and Farmers Group Inc. (“Farmers”) (collectively “Defendants”) in the Superior Court of California County of Los Angeles (styled Fogel vs. Farmers Group Inc.) alleging, among other things, that Farmers was attorney-in-fact for policyholders of Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange (the “Farmers Insurance Exchanges”) and that Farmers and the insurance exchanges engaged in unlawful or unfair business practices by charging excessive attorney-in-fact AIF management fees to policyholders of the Farmers Insurance Exchanges, according to a class action lawsuit news report.
Under the terms of the Zurich & Farmers insurance exchange management fee class action lawsuit settlement, a $455 million settlement fund will be made available to up to approximately 13 million policyholders of the Farmers Insurance Exchanges, with an average estimated amount of $35 per settlement class member or policyholder subscriber.
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