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Case ID: 4959 | Insurance | 12/27/2006
About 7,000 Ohio residents who were customers of Grange Mutual Casualty Group and a related company will get a partial refund of past car-insurance premiums as part of a settlement of a class-action lawsuit.
Some drivers who insured their vehicles with Grange Mutual Casualty Group from November 2000 to June 2001 will receive a refund of as much as $60 next year. The class-action lawsuit was filed against Grange and a subsidiary, Trustgard Insurance Co., alleging that Grange raised car insurance rates by 3.46 percent without filing for a rate increase with the Ohio Department of Insurance. Trustgard writes car-insurance policies for high-risk drivers, who might otherwise have problems getting insurance. The settlement is expected to cost Grange $407,226, plus $500,000 to cover plaintiffs' legal fees. In Ohio, insurers are required to file an application when they change their rates. The rates must then be approved by the insurance department. High-risk car-insurance policies that went into effect between November 2000 and May 2001 and policies that were renewed between December 2000 and June 2001 were allegedly charged the higher, unauthorized rates, according to court documents. The average overcharge was $18 per policy. Customers who paid the higher, unapproved rates are eligible for a refund as part of the court settlement, said an attorney for the policyholders. About 37,000 Ohioans were eligible; 7,163 people took the necessary steps to claim money before the deadline. People who are still insured by Grange, or who agree to return to the company, will receive a $60 credit toward their premium. Those who aren't eligible for Grange insurance, either because they moved to a state where the company doesn't do business or they no longer have a car or license, also will receive $60. Former policyholders who refuse to return to the company will receive a one-time cash payment of $18. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Insurance Cases of Interest Several class actions have been filed against liability insurer American Physicians Capital, Inc. (Nasdaq:ACAP) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and November 6, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The parties have reached a nationwide $2.3+ million final settlement in an action filed against Imperial Premium Finance, Inc. and related entities on behalf of persons who financed an insurance policy with Imperial between June 7, 1996, and February 2, 2004. The action alleged that Imperial kept money returned by insurance companies that was actually intended for policyholders, in violation of state insurance law. Persons eligible to take part in the settlement should contact attorneys for the class as soon as possible. A class action lawsuit has been filed in the District Court of Maryland against Noel Bragg for violations of the Employee Retirement Income Security Act (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. Class members seek to enjoin defendants to either rescind the 2002 amendment or not apply the amendment, attorney's fees and costs of the litigation. Even though few Americans have heard of the Armenian Genocide of 1915, between 1.5 and 2 million persons died in it. A class action has been filed against French insurance companies AXA and UAP (formerly known as L'Union Des Assurance De Paris) on behalf of descendants of victims massacred in the Armenian Genocide of 1915, who allege that the company failed to pay life insurance policy proceeds to them. The class has been certified in an action filed against insurance company Farmers Group, Inc., on behalf of all Nevada automobile insurance policyholders of Farmers Insurance Exchange who submitted a first party claim for vehicle theft or property damage, whose vehicle was declared a total loss as valued by CCC Information Services, Inc., or its predecessor Certified Collateral Corporation, and who were paid the valuation amount by Farmers between August 5, 1992, and March 31, 2004. Persons eligible to take part in the action should contact the attorneys for the class for more information.
Oregon’s State Accident Insurance Fund Corporation May Have Hid Money That Belonged to Policyholders A class action has been filed against Oregon’s State Accident Insurance Fund Corporation (SAIF) on behalf of Oregon businesses that paid the company workers’ compensation premiums, which allege that the agency has repeatedly broken state workers’ comp law in its attempts to dominate Oregon's workers’ compensation insurance market. The action also alleges that SAIF is holding as much as $700 million that it should have rebated to policyholders. |
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