$150M Zurich Insurer Settlement…by the numbers
September 11th, 2009. By AbiK
Here’s the down and dirty on the insurer price fixing class action settlement imposed on Zurich Financial Services and Arthur J. Gallagher & Co.—the settlement was upheld on Tuesday after going through an appeal process stemming from the original 2006 settlement ruling. The upheld settlement was reported on in the NJ Law Journal.
[By the way, if you want to read about Zurich's history with price fixing, see previous Zurich articles here]
Settlement Amount:
$150 million, plus $29.9 million in legal fees and costs, paid by the insurance companies as follows:
$122 million to be paid by Zurich Financial Services
$28 million to be paid by Gallagher & Co.
$29.9 million to be paid separately by Zurich to plaintiffs’ lawyers
Who Gets the Settlement Money:
3.79 million potential class members–maybe more, according to estimates
How’s the Settlement Money’s Divided:
51.7% goes to Zurich policyholders who bought excess casualty insurance from 2001 to 2004
33.9% to policyholders who bought other lines of insurance or excess policies at other times
9% to non-policyholders who were affected by the alleged wrongdoing
States party to the Settlement Agreement:
10…California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas, Virginia, West Virginia
