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Allstate Settles Bad-Faith Insurance Suit for $4 Million

Allstate Insurance Co, has agreed to settle a bad-faith insurance lawsuit brought by Metropolitan Business Management, a property management firm, for $4 million.

MBM alleged that Allstate refused to defend it in a lawsuit over a Malibu property sale. The buyer of the Malibu property had alleged that MBM and conspired with the seller to prevent the sale of the property by making a false beneficiary demand. Allstate refused to defend MBM in the lawsuit because it claimed that their insurance policy did not cover misrepresentation claims. However , it was later determined that MBM was "clearly covered."

SEPT-10-09: Allstate Settles Bad-Faith Insurance Suit for $4 Million [VENTURA COUNTY STAR: WESTLAKE FIRM WINS $4 MILLION FROM INSURER]

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Last updated on Sep-10-09