Business News
Zurich settles for over half a billion dollars in US lawsuit
Oct 7, 2010, 10:08 GMT
Geneva - Zurich Financial Services said Thursday it would pay out up to 455 million dollars to claimants to settle a class action suit over management fees in the United States.
Zurich also will pay attorneys' fees to class action counsel of up to 90 million dollars, bringing the total payout to over half a billion dollars.
The suit involves claims going back to 1999 and was first filed in 2003 against Zurich's wholly-owned subsidiary in the US, Farmers Group.
The two firms 'do not accept that there is any basis for the plaintiff's claims regarding the management services fees,' but the money would still be made available to some 13 million policyholders in return for them dropping all suits against Zurich.
Read more about Banking
Read more about Switzerland Business
Read more about US
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
