Colossal Class Action Hits Texarkana

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Colossal Class Action Hits Texarkana

Written by Steve Korris and Scott Sabatini, Legal Newsline

Monday, 14 July 2008

Like the common lore, everything may be bigger in Texas, except, it seems, when it comes to staggering legal action. Nobody tops Texarkana, Ark., these days.

Everything about the case known as "Colossus" - often called the largest class-action lawsuit ever filed in America - is super-sized.

The case centers on a complaint alleging that hundreds of insurance companies worked with three software companies to undervalue auto claims.
A program called "Colossus," the plaintiffs argued, allowed insurers to undervalue claims, which the plaintiff contends is a conspiracy to commit fraud.

The lawsuit originally named 581 insurance companies. Settlements have reportedly approached $300 million and plaintiff attorneys have already shared $73 million in fees.

"This is your typical sort of class-action shakedown," said Jim Copland, director of The Manhattan Institute for Policy Research. "The discovery costs are massive, that's what this is really about."

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