State Auto Takes Shepard to Court

Auto insurer State Auto Financial Corp. has filed a lawsuit against Gregory Shepard, a minority shareholder attempting a takeover bid of the company, for “intentional misrepresentations and omissions” they claim he made.

Columbus, Ohio-based State Auto has asked a federal court to order Shepard to elaborate on how he plans to finance the proposed takeover. Shepard owns about 5 percent in State Auto shares, and has bid $30 a share but the company rejected it.