CHICAGO (AP) — A federal jury has awarded more than $27 million to four former Allstate employees who sued the insurer for defamation.
The Chicago Tribune reports the employees worked for a now-defunct equity division of the company. According to court documents, they were fired in 2009 for allegedly timing trades to increase their incentive bonuses.
Allstate blamed “some employees” in a 2010 Securities and Exchange Commission filing for timing trades, saying they cost the portfolio more than $200 million over six years.
The employees were never named. But their lawyer says “it ruined their careers” because people could “connect the dots” and believe his clients did it.
A spokeswoman said Allstate is “reviewing our post-verdict options.”
- Posted July 08, 2016
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Jury awards $27M to four fired workers
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