One of the largest insurance companies in the United States has agreed to pay millions of dollars to compensate its customers after it allegedly sold them worthless insurance coverage.
State Farm will establish a $20.93 million fund to settle a class action lawsuit initially filed in February of 2018. The class action lawsuit alleged that State Farm engaged in “deliberate misrepresentation” of its products and thus sold insurance to New Mexico motorists that essentially provided them with “sham” coverage.
the colony The class includes all those who purchased U Coverage insurance policies from State Farm in New Mexico between January 1, 2010 and December 31, 2021. The compensation provided will be determined by the amount of premiums paid by each member of the settlement class and then calculated on a pro rata basis depending on the total number of claims.
“If you are a member of a settlement class, you may be eligible for a settlement payment in an amount that represents up to 21% of the premiums you paid for U-Coverage minimums purchased between 2010 to 2021 and 13% of the premiums you paid for non-U-Coverage minimums purchased between 2010 to 2021.”
To receive compensation, claims must be submitted on or before July 2nd. The final settlement hearing is scheduled to be held on June 8.
Although it agreed to the settlement, State Farm denies any wrongdoing. No court has ruled on this matter, either in favor of State Farm or the plaintiffs.
Follow us on X, Facebook and cable
Never miss a beat – Subscribe Get email alerts delivered directly to your inbox
browse Hodel’s daily mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: mid-flight
