State Farm To Pay Up
Due to State Farm's handling vehicle titles, automobile owners across the country will share in a $40 million settlement.
Although officials say that most payments will be between $800 and $1,850, about 30,000 people could possibly be eligible for $400 to $10,000.
State Farm Vice President, State Farm Vice President Jeffrey W. Jackson stated, "The agreement made by State Farm and the attorneys general is the right thing to do for our policyholders and the public."
"It is rare that a company comes to us, discloses a problem, and presents a very viable solution to correct the problem and help consumers," Miller, the Iowa AG, said a statement. "We hope this agreement will encourage other companies to step forward when necessary, take responsibility, improve practices, and make things right for consumers."
According to an LA Times article,
"The company is working with state motor vehicle departments to determine who will receive compensation for buying a car they didn't realize had been in a serious accident.
Current owners eligible for compensation will be contacted by their home state attorney general's office by the fall, authorities said. Consumers should receive the payment later this year or in early 2006."
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