Zurich Financial Services Ltd. and its Farmers Group Inc. subsidiary are paying $455 million to settle a class-action lawsuit challenging management service fees paid to Farmers, Zurich said Thursday.
Law suite details you can read on your own – Google is your friend.
We just want to point to your attention that Zurich and Farmers Group “do not accept that there is any basis” for the claims regarding the management fees, but Zurich said it decided to settle “in order to provide certainty to its shareholders and clarity to customers as well as to avoid the risks and significant exposure of continued litigation.”
As part of the settlement, all claims by the plaintiffs are being dropped against Zurich and Farmers.
All we can say at this point is “WOW!”