Acceptance Settles Rice Producer Class Action.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--July 3, 2000 The United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. in Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry today approved settlement of a class action by rice producers against Acceptance Insurance Companies Inc. (NYSE NYSE See: New York Stock Exchange : AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force ) and several affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . Based on a June 30, 2000 hearing, the Court's Order determined the previously announced settlement terms, preliminarily approved May 1, are fair, reasonable and adequate, and in the best interest of the Settlement Class. A Court-appointed Settlement Master, retired Arkansas Circuit Court Judge Lawrence Dawson, will now allocate the $3.7 million settlement fund, which Acceptance previously placed in escrow, among the rice producers who submitted claims. Today's Order dismisses the class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax , and approves a complete and final release of all defendants. John Martin, President and Chief Executive Officer of Acceptance, said that in addition to settlement of this lawsuit the Company also had resolved all concerns of state insurance regulators arising from the unprecedented demand for the Company's products during early 1999. He added, "We are very pleased to conclude all of the issues resulting from the 1999 spring sales season. Our increased emphasis on crop insurance, and on delivering innovative and leading specialty insurance products to our valued customers, can now continue without the distractions of these past events." American Agrisurance, an Acceptance affiliate, developed both of the first two forms of crop revenue insurance ever made available to rice producers, CropRevenueCoverage(c) and CRCPlus(R). Kim Gibson, President of American Agrisurance, described the settlement as "a major step forward for rice producers and for our Company." Gibson also said, "Today AmAg is working very hard to develop alternative insurance products for the thousands of rice producers who showed last year that they need better crop insurance than they've had in the past, and we are determined to succeed." Acceptance Insurance Companies Inc. is an insurance holding company providing specialized crop, property and casualty insurance products throughout the United States. American Agrisurance, the Company's wholly owned crop insurance marketing subsidiary, is a widely recognized leader in the crop insurance industry. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion