One of the largest insurance companies in the US has agreed to pay millions of dollars in damages to its customers after selling them fraudulent insurance policies.
State Farm will settle a $20.93 million class action lawsuit filed in February 2018. The class action lawsuit alleges that State Farm “intentionally misrepresented” its products and therefore sold insurance to New Mexico motorists who gave them “fraudulent” information.
The to solve class includes all those who purchased State Farm’s U Coverage insurance policies in New Mexico between January 1st 2010 and December 31st of 2021. The compensation that will be awarded will be determined by the amount that each member of the settlement group paid and then calculated on a pro rata basis according to the total number of claims.
“If you are a member of the Settlement Class, you can receive a Reimbursement Payment of up to 21% of the amount you paid to reduce the limits of U Coverage purchased between 2010 and 2021 and 13% of the amount you paid for non-minimum U Coverage purchased between 20010 and 20210.”
To receive compensation, claims must be submitted on or before July 2nd. The final hearing will be held on June 8th.
Despite accepting the settlement, State Farm denies any wrongdoing. No court has ruled on this issue, either in favor of State Farm or the plaintiffs.
Follow us X, Facebook and Telegram
Don’t Miss Out – Sign up to receive email notifications straight to your inbox
Swimming Daily Hodl Mix
 
Disclaimer: The views expressed in Daily Hodl are not financial advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any assets including cryptocurrencies, nor is The Daily Hodl a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image Created: Midjourney
