Insurance Brokerage Antitrust Litigation

Summary of Case and Settlement:

In re Insurance Brokerage Antitrust Litigation (D.N.J.). The firm is one of two Co-lead Counsel representing classes of plaintiff insurance policyholders in multidistrict class actions alleging that insurance companies and insurance brokerage firms conspired with one another to allocate customers and markets resulting in charging and collecting artificially inflated premiums from policyholders. On August 16, 2010, the Third Circuit Court of Appeals partially reversed the district court’s dismissal of the suit and reinstated many of the core claims in the case. The case was remanded to the district court for further proceedings on the reinstated claims.

The Class Plaintiffs have settled with the Zurich, Gallagher and Marsh Defendant groups for an aggregate amount in excess of $218 million. Objections to those settlements were either rejected by the Court of Appeals or dismissed by the appellants, and those settlements are final.

On March 30, 2012, the Court entered final approval of a Settlement Agreement with 12 Defendants in In re Insurance Brokerage Antitrust Litigation (D.N.J.). The Settlement is for an aggregate amount of $41 million. For more information about that Settlement, please visit the settlement website at www.insurancebrokeragesettlement.com.

On March 22, 2013, Plaintiffs filed a Motion with the Court seeking Preliminary Approval of a Settlement Agreement with the remaining Insurance Company Defendants in In re Insurance Brokerage Antitrust Litigation (D.N.J.). The Settlement is for an aggregate amount of $10.5 million. On April 9, 2013 the Court preliminarily approved the Settlement and scheduled a Fairness Hearing to consider final approval of the Settlement for July 17, 2013. For more information about the Settlement and to view a copy of the Detailed Notice of Settlement, please visit the settlement website at www.insurancebrokeragesettlement2013.com.

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