Insurance Industry News Sample

Jun 23, 2002 23:04:06

ARGONAUT INSURANCE: Tentatively Agrees To Settle Insurance Claims Suit

FREDERICK, Maryland (SunStream News) -- Argonaut Insurance Company has tentatively agreed to settle a class action filed in Los Angeles Superior Court alleging that the Company in isolated instances inadvertently miscoded loss data regarding workers’ compensation claims reported to the California Workers Compensation Insurance Rating Bureau from 1989 through 1993.

 

Following mediation, the Company tentatively agreed, without admitting liability or any wrongdoing and subject to court approval, to enter into a class action settlement resolving all claims. The Company accrued $1.0 million for legal fees as of March 31, 2002. Management is unable to reasonably estimate at this time the amounts, which may be paid to class members under the tentative settlement.

 

 

ss/ire

Source: Class Action Reporter

Publication Date: 2002-06-24

 

NWS:	LBR
	LAW

COY:	AGII

IND:	INS

GEO:	n-us-ca

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