Case Description
Texas sued to enjoin the Defendant insurance companies, ISO, and certain reinsurers from limiting coverage by the elimination of long tail coverage policy forms and replacing them with “claims made” policy forms. Texas’ petition alleged that Defendants sought to accomplish this change in policy forms through boycott of certain general liability lines of insurance. Matter settled & Defendants, collectively, agreed to pay $6,600,000 for the establishment of a 501 (c)(3) for purpose of facilitating effective oversight of insurance. Defendants agreed to certain behavioral restrictions. Defendants, collectively, paid $2.6M in attorney fees & investigative costs.
