Jury Awards $27M to Four Fired Allstate Employees in Illinois
A federal jury has awarded more than $27 million to four former Allstate employees who sued the insurer for defamation.
The Chicago Tribune reported the employees worked for a now-defunct equity division of the Northbrook, Illinois-based 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.
Allstate spokeswoman Laura Strykowski says the company disagrees with the jury’s June 21 verdict and is “reviewing our post-verdict options.”