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Lawsuits Against Geico

The Geico Settlement

Investors who suffered losses as a result of purchasing shares of Government Employees Insurance Co. during the early 1970s, can potentially receive as much as $2.36 million in a settlement from multiple lawsuits against the company. The settlement would be administered by Geico, based upon the type of claim that was brought against the insurance provider. The funds generated from the lawsuits would be used for providing long-term care benefits to retirees.

Under the resolutions of the lawsuits, Geico will pay the named individuals who filed the lawsuits a percentage of the total amount of compensation recovered.

A typical settlement award would be in the range of one to three hundred dollars per victim per annum. The sum of the potential awards will be determined by the claims adjuster at the time of settling the lawsuits. In some instances, the insurer may provide an additional amount for its policyholders who were seriously injured as a result of the car accident caused by Geico’s insured negligence.

The resolutions of the lawsuits are subject to approval by the court.

If the court approves of the settlements, Geico must pay indemnification to the named individuals, including their attorneys. The company also must reimburse costs that have been paid by its policyholders to their personal lawyers and other entities that have been involved in the claims process.

Attorneys who have handled the lawsuits against Geico have indicated that the settlements are agreeable to both parties.

“We’re pleased with the settlement,” said David Norton, a partner with Stone Evans, one of the main attorneys who have handled the lawsuits. “The insurance carrier, Geico, has cooperated fully with our law firm throughout the claims process. It was a very amicable process.”

There are many class action lawsuits that have been lodged against Geico because of the Mayfair accident.

Class action lawsuits allow people to bring together like-minded individuals to assist each other in recovering compensation for injuries they sustain as the result of being injured in a car accident. Claims brought by individuals are usually much faster and yield higher compensation than claims brought against a business. The amount of compensation is based on the seriousness of the injury sustained. Geico representatives are not expected to attend any counseling sessions with the lawyers or offer suggestions for how to resolve a claim. (Although some lawyers do offer suggestions for resolution.)

The Mayfair incident is not the only time that Geico has had to deal with large class action lawsuits related to their operations.

In addition, Geico was one of the many insurance companies that faced a number of lawsuits related to their operations in Phoenix, Glendale, Tempe and other cities. According to Insurance analysts, Geico’s insurance policies continue to be the most costly among all auto insurance companies. Other major automobile insurance companies faced settlements and verdicts in lawsuits related to accidents at their Arizona facilities.

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