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Allstate: Companies
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Insurance companies like Allstate devote large sums of money to pay lawyers whose only task it is to fight lawsuits brought by their disgruntled policyholders. These attorneys have ample resources to bring to bear on any potential problem and can crush virtually any opposition.
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"It was absurd that Allstate would ask California consumers to pay millions extra for alleged improvements to customer service. We called their bluff, and Allstate obviously realized that this argument had no chance in Court, so they dropped the claim at the eleventh hour," stated Daniel Y. Zohar, FTCR's lead outside counsel in the rate challenge who is with the Los Angeles-based Zohar Law Firm, P.C. "Proposition 103 requires that insurance companies prove that rates are high enough to pay claims, but not excessive. It does not permit insurance companies the right to overcharge customers to maintain mega-profitability. Yet all that Allstate is doing here is trying to reward Wall Street at the expense of Californians."
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By the end of the 1960s, Sears limited the Allstate brand name to insurance, tires, and automobile batteries. By the mid-1970s, Sears no longer used the Allstate brand on merchandise. In 1995, Allstate became completely independent after Sears divested its remaining shares to Sears' stockholders, endingthe company's70-year relationship with the brand it created.
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During Tuesday's hearing, Grawe pointed out that Allstate provided OIR with 30,000 pages of documentation so far and would continue turning over documents. But neither Grawe nor the two other company officials and its outside attorney would answer questions from the OIR panel on how Allstate decided which documents to turn over and which ones to withhold.
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