Insurance Suit Involving Undervaluing Cars Settles For $92 Million
"The Lakin Law Firm of Wood River and the Chicago law firm of Freed & Weiss LLC filed the lawsuits in 2001 against multiple providers of car insurance. The lawsuits alleged the companies used a computer system to routinely pay below-market values for vehicles wrecked beyond repair.
The final settlement was approved in December by Madison County Associate Judge Ralph Mendelsohn, but Lakin attorney Richard Burke on Monday said the period during which the defendants could have sought an appeal only recently expired.
Burke said roughly 3 million people were eligible to make claims for $5 to $132. The plaintiff attorneys were awarded $16.1 million in fees, to be paid by the defendants."
Read the full article in the Belleville Democrat here.
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