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ERIE INDEMNITY COMPANY

(ERIE)
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ERIE INDEMNITY CO : Other Events (form 8-K)

08/30/2021 | 04:23pm EST

Item 8.01 Other Events.

On August 24, 2021, a Complaint was filed against Erie Indemnity Company (the "Registrant") captioned TROY STEPHENSON, CHRISTINA STEPHENSON, SUSAN RUBEL, and STEVEN BARNETT, individually and on behalf of all others similarly situated (Plaintiffs) v. Erie Indemnity Company (Defendant). The Complaint was filed in the Court of Common Pleas Civil Division of Allegheny County, Pennsylvania. The individuals named as Plaintiffs and the putative class members are alleged to be policyholders of the Erie Insurance Exchange (the "Exchange").

The Complaint seeks relief for alleged breaches of fiduciary duty by the Registrant in connection with the setting of the management fee it receives, pursuant to the terms of the Subscriber's Agreement executed between the Registrant and all policyholders, as compensation for acting as the attorney-in-fact in the management of the Exchange. The relief sought is for the period beginning two years prior to the date of the filing of the Complaint and continuing through 2021.

The Complaint seeks (i) a finding that the Registrant has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper.

The Registrant has not been served with the Complaint. The Registrant intends to vigorously defend against all of the allegations and requests for relief in the Complaint.

Reference is made to the Registrant's "Safe Harbor" Statement that is set forth in its Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on July 29, 2021, which is incorporated herein by this reference. In addition to the forward-looking statements and risk factors listed in that "Safe Harbor" Statement, there can be no assurance regarding the final disposition of the matters asserted in the Complaint. Registrant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.

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Financials (USD)
Sales 2021 2 630 M - -
Net income 2021 302 M - -
Net Debt 2021 - - -
P/E ratio 2021 33,2x
Yield 2021 2,16%
Capitalization 8 845 M 8 845 M -
Capi. / Sales 2021 3,36x
Capi. / Sales 2022 3,23x
Nbr of Employees 5 865
Free-Float 41,5%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 191,50 
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Managers and Directors
Timothy G. NeCastro President & Chief Executive Officer
Gregory J. Gutting Chief Financial Officer & Executive Vice President
Thomas B. Hagen Non-Executive Chairman
Robert C. Ingram Chief Information Officer & EVP
Ronald Habursky Chief Investment Officer & Senior Vice President
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