Harris , et al. v. Farmers Insurance Exchange, et al., Superior Court of California, Case No. BC57948
If You Had a Farmers Insurance Exchange or Mid-Century Insurance Company Auto policy in California at any time between August 18, 2015 and March 31, 2017 and had been insured by those companies for 9 or more years, You May Be Eligible for a Payment from a Class Action Settlement.
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On April 22, 2015, Plaintiffs filed a class action complaint in the Superior Court of California alleging five causes of action pertaining to Farmers’ alleged use of price optimization/elasticity of demand (a.k.a., a method of taking into account an individual’s or class’s willingness to pay a higher premium relative to other individuals or classes) as a rating factor in violation of California’s Unfair Competition Law, Cal. Bus. & Prof. Code § 17200 et seq. (“UCL”), the California Insurance Code, and as unjust enrichment.
Subject to approval by the Court, the Settlement Agreement will create a $15,000,000.00 Settlement Fund to make payments or give policy credits to eligible Settlement Class Members as well as to pay Class Counsel’s attorneys’ fees, costs, notice and administration expenses, and Service Awards. The maximum estimated amounts for the deductions from the $15 million Settlement Fund are as follows: Class Counsel’s attorneys’ fees ($4,950,000.00), costs ($275,000.00), notice and administration expenses ($573,000.00) and Service Awards ($15,000.00). After these fees and costs are deducted from the Settlement Fund, the remaining funds (approximately $9,187,000.00) will be divided by the total number of Settlement Class Members (approximately 609,000) to calculate the payment amount for each Settlement Class Member.
All Settlement Class Members will receive an equal payment amount (estimated at $15.09). Settlement Class Members who are “Renewing Current Policy Holders” will receive a credit at the time of renewal of their policies. “Non-Renewing Current Policy Holders” and those Settlement Class Members who are no longer Policyholders will receive their Settlement Class Member Payment by paper check. In no circumstance will any portion of this Settlement Fund revert to Farmers.
Excluded from the Settlement Class are (a) officers, directors, and employees of any member of the Farmers Insurance Group of Companies; (b) the judge overseeing the proposed settlement and the judge’s immediate family and (c) all Policy Holders who make timely election to be excluded.
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