Financial Services Industry
Industry: Email Alert RSS FeedState Farm Hit With Punitive Damage Award.(Brief Article)(Statistical Data Included)
National Underwriter Property & Casualty-Risk & Benefits Management, October, 1999 by REICH-HALE, DAVID
Just days after an Illinois jury hit State Farm Mutual Insurance Company with $456.1 million in compensatory damages over the use of generic auto parts in repairs, a Williamson County Circuit Court judge in Illinois nailed the insurer with an additional $730 million in fraud damages to be paid to auto policyholders.
The judge's award includes $130 million in actual damages and $600 million in punitive damages to the 4.7 million plaintiffs in the suit. State Farm, the nation's largest auto insurer, was convicted of deceiving its insureds by installing inferior replacement parts in damaged vehicles and failing to advise policyholders that original equipment manufacturer parts were not being used, thereby violating the Illinois Consumer Fraud Act. Insurance...
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