AUSTIN — State Farm Insurance owes nearly $350 million to customers it overcharged dating back to 2003, a state judge ruled this week, siding with the Texas insurance commissioner.
State District Judge Tim Sulak found that state Commissioner Mike Geeslin acted properly when he ordered State Farm Lloyds, the company’s homeowners subsidiary, to reimburse an estimated 1.2 million customers for overcharges as well as penalty interest.
Judge Sulak ruled quickly after listening to two hours of oral arguments from attorneys for State Farm, the Texas Department of Insurance, and the Texas Office of Public Insurance Counsel. State Farm indicated it will appeal the ruling.
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