Businessweek Archives

Allstate Suffers A Seismic Fed Search


In Business This Week

ALLSTATE SUFFERS A SEISMIC FED SEARCH

IT HAS BEEN MORE THAN four years since the Northridge earthquake rocked Southern California. But Allstate Insurance, which paid out more than $1.7 billion in claims from the disaster, is bracing for another tremor. In late April, federal agents raided four Allstate offices, including headquarters in Northbrook, Ill., and carted away documents. The Feds and the California Department of Insurance are investigating whether Allstate doctored engineering reports to reduce payouts on property claims from the quake. Allstate general counsel Robert Pike denies the allegations.EDITED BY PAT WECHSLER


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus