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Judge Permits Suit Alleging Geico Overcharged Drivers During Pandemic
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.
Three Southwest executives and other airline insiders sell shares amid February stock rally
The executives’ insider sales made up 19% of the February total for airlines.
A Southwest Airlines flight takes off at Dallas Love Field on Thursday, Jan. 7, 2021, in Dallas. (Smiley N. Pool/The Dallas Morning News)(Smiley N. Pool / Staff Photographer)
Airline executives and directors sold $49.9 million of stock in February, the most in three years, as industry shares posted a record rally fueled by a widening vaccination effort.
The top individual sellers were at Southwest Airlines Co. and Allegiant Travel Co., two leisure-focused carriers that are among analyst picks to benefit from a rebound in vacation travel as the coronavirus pandemic eases.
(March 6): Airline executives and directors sold US$49.9 million of stock in February, the most in three years, as industry shares posted a record rally fueled by a widening vaccination effort.
The top individual sellers were at Allegiant Travel Co. and Southwest Airlines Co., two leisure-focused carriers that are among analyst picks to benefit from a rebound in vacation travel as the coronavirus pandemic eases. Executives from Delta Air Lines Inc. and Mesa Air Group Inc. also sold significant holdings, according to data from InsiderInsights.com, which analyzes such transactions.
The insider sales increased as investors bet that vaccine campaigns would gain steam and improve the prospects for a travel rebound. Airlines got hammered last year by an unprecedented drop in demand for flights. Continued stock gains are far from guaranteed this year, as the industry’s recovery remains shrouded in uncertainty and the slump in lucrative corporate and international trips is expected to dr