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

State Farm Insurance
State Farm Insurance

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.