State Farm Insurance says Pay $ 456 million in car parts of the case
An Illinois jury decided yesterday that the state farm in the nation’s largest auto insurer, had its insurance contract by the body shops use generic products cheaper for crash repairs, Instead of automotive parts manufacturer.
Under the class action judgement, which would have a significant impact on the insurance business, State Farm must pay 456 million dollars as compensation insurance, records a total of about 4.7 million requests.
The judge monitoring cases, it is expected that soon, if State Farm, which is based in Bloomington, Ill., fraud committed in these parts. Judge John Speroni, can not judge the hundreds of millions of dollars more in punitive damages and compensation for damage due to fraud.
State Farm plans to appeal. Since it is a mutual company - ie that he is in possession of its members - a negative result of higher prices mean certainly feared. But William S. Sirola, a spokesman said the company had cash in the short term for any problem.
We have insurance to cover the excess disaster, “said Sirola. It would be a catastrophe that looked - no natural disaster but a disaster.
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