NU Online News Service, Nov. 04, 3:36 p.m. EDT
Zurich Financial Services Group said it earned $751 million during the third quarter as results were affected by a legal settlement involving its Farmers Group subsidiary.
Zurich took a charge of $295 million related to a proposed settlement in Fogel vs. Farmers Group Inc., a nationwide class action suit pending in Los Angeles Superior Court that alleges the insurance group overcharged for fees paid by the Farmers Exchanges.
Zurich's net income of $2.4 billion for the first nine months is down 18 percent compared with last year at this time, the company said.
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