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Home  >  Austin Accountants  >  State Farm to pay $350 million after customers were overcharged

State Farm to pay $350 million after customers were overcharged

Posted on Wednesday, April 13th, 2011 at 5:09 pm.

A Texas judge ruled that State Farm Insurance owes nearly $350 million to customers that they have been overcharging since 2003.

The judge sided with the Texas insurance commissioner when he ordered that the company refund nearly 1.2 million customers, but State Farm is appealing the decision.

The Insurance Department has allegedly warned the company for years that they were overcharging their customers. For long term customers, the refund was supposed to  be anywhere from $200 to $300.

If your company is looking for help with the financial side of the company, contact the Austin Accountants today with any questions that you may have.