State Farm Ordered to Refund $350 Million to Customers for Overcharges

Millions of State Farm Insurance customers in Texas have been overcharged by the company since 2003, and are owed approximately $350 million by the insurer, a judge ruled Monday.

Texas District Judge Tim Sulak's ruling upheld a previous decision by State Insurance Commissioner Mike Geeslin that ordered State Farm Lloyds, the company's homeowners subsidiary, to reimburse approximately, 1.2 million customers for overcharges, including $53 million in penalty interest, the Dallas Morning News reported.