Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Berkshire Hathaway Inc.    BRK.A

BERKSHIRE HATHAWAY INC.

(BRK.A)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies
The feature you requested does not exist. However, we suggest the following feature:

Geico must face lawsuit claiming it overcharged on car insurance during pandemic: judge

03/05/2021 | 03:02pm EST

(Reuters) - The auto insurer Geico Corp, a unit of Warren Buffett's Berkshire Hathaway Inc, must face a proposed class action claiming it overcharged policyholders as the coronavirus pandemic led to less driving and fewer accidents, a judge has ruled.

In a decision on Thursday, U.S. District Judge Sharon Johnson Coleman in Chicago said Illinois drivers may try to prove Geico violated a state consumer fraud law by unfairly and deceptively marketing its "Geico Giveback" discount program. She dismissed breach of contract and unjust enrichment claims.

Neither Geico nor its lawyers immediately responded to requests for comment on Friday. Lawyers for the plaintiffs did not immediately respond to similar requests.

Geico had last April offered policyholders $2.5 billion of credits, including 15% on renewals from April to October, averaging about $150 per policy.

But policyholders led by Briana Siegal said this induced them to renew and pay excessive premiums rather than shop around, as stay-at-home orders and closures of businesses and schools resulted in less time on the road.

Siegal also said Geico's credits compared unfavorably with refunds offered by other insurers.

She cited a report by the Consumer Federation of America and Center for Economic Justice awarding Geico's program a "D-minus," below the "A" and "B" grades given to State Farm and Allstate Corp, which offered refunds.

Without ruling on the merits, Coleman said the plaintiffs adequately alleged that Geico misled them into thinking it was passing on all its savings from reduced driving, and failed to disclose that its premiums were "not based on an accurate assessment of risk during COVID-19."

Geico's "loss ratio," or percentage of premiums paid to cover claims, fell to 74.1% in 2020 from 81.3% a year earlier, and was the lowest since 2007.

Berkshire, based in Omaha, Nebraska, has owned all of Geico since 1996. Geico is based in Chevy Chase, Maryland.

The case is Siegal v Geico Casualty Co et al, U.S. District Court, Northern District of Illinois, No. 20-04306.

(Reporting by Jonathan Stempel in New York; Editing by Matthew Lewis)

By Jonathan Stempel


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
THE ALLSTATE CORPORATION 2.08% 111.62 Delayed Quote.1.54%
All news about BERKSHIRE HATHAWAY INC.
03/05GEICO MUST FACE LAWSUIT CLAIMING IT : judge
RE
03/03North American Rail Traffic Rose 2.2% in Week Ended Feb. 27
DJ
03/03JING YANG : China's Tencent Becomes an Investment Powerhouse, Using Deals to Exp..
DJ
03/02BERKSHIRE HATHAWAY  : DA Davidson Adjusts Price Target on Berkshire Hathaway's C..
MT
03/01WALL STREET STOCK EXCHANGE : Stocks Surge, With S&P 500 Logging Best Day Since J..
DJ
03/01WALL STREET STOCK EXCHANGE : Stocks Surge, With S&P 500 Logging Best Day Since J..
DJ
03/01S&P 500 surges in strongest one-day rise since June
RE
03/01WALL STREET STOCK EXCHANGE : Stocks Surge, With S&P 500 on Track for Best Day Si..
DJ
03/01Dow Industrials on Track for Best Day Since November
DJ
03/01GLOBAL MARKETS LIVE: Berkshire Hathaway, Johnson & Johnson, AstraZeneca…
More news
Financials (USD)
Sales 2021 264 B - -
Net income 2021 16 990 M - -
Net cash 2021 10 500 M - -
P/E ratio 2021 33,9x
Yield 2021 -
Capitalization 583 B 583 B -
EV / Sales 2021 2,17x
EV / Sales 2022 2,04x
Nbr of Employees 360 000
Free-Float 77,0%
Chart BERKSHIRE HATHAWAY INC.
Duration : Period :
Berkshire Hathaway Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BERKSHIRE HATHAWAY INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 410 000,00 $
Last Close Price 381 600,00 $
Spread / Highest target 12,7%
Spread / Average Target 7,44%
Spread / Lowest Target -0,42%
EPS Revisions
Managers and Directors
NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg Chief Financial Officer & Senior Vice President
David Sanford Gottesman Independent Director
Walter Scott Independent Director
Charlotte M. Guyman Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BERKSHIRE HATHAWAY INC.9.71%582 744
HONEYWELL INTERNATIONAL INC.-2.88%143 677
SIEMENS AG9.87%122 925
GENERAL ELECTRIC COMPANY25.93%119 244
3M COMPANY3.44%104 701
ILLINOIS TOOL WORKS INC.3.01%66 502