On April 18, 2024, Oklahoma lawyer Rich Toon of Toon Law Firm obtained the largest jury verdict in Oklahoma history in an insurance company bad faith case brought by an individual. The record-setting $92,426,640 jury verdict found Great Lakes Insurance SE liable for insurance company bad faith. The verdict of more than $92M includes $65,000,000 in actual damages and $27,426,640 in punitive damages. This follows jury verdicts obtained by Tulsa lawyer Rich Toon of $1,484,000 against Protective Insurance Company in 2023 for insurance company bad faith and a jury verdict of $1,372,289 he obtained against State Farm. There are many insurance company bad faith cases in which Oklahoma lawyer Rich Toon has obtained out-of-court settlements for insured people. He also represents small businesses against insurance companies for insurance company bad faith.
On December 12, 2024, our client’s case arising out of an insurance company’s refusal to pay was finalized. Before the lawsuit was filed, the insurance company refused to pay the insured person anything. Shortly before the jury trial in 2023, the insurance company refused to make an offer of more than $70,000. Lawyer Rich Toon told the insurance company his client would not settle for less than $1,000,000. The insurance company refused. The jury’s verdict: $1,484,000. This is another example of how insurance companies try to low-ball people. The case settled after the insurance company appealed. Our client’s recovery: $1,657,977.57.
Oklahoma has laws to protect insureds from unfair claims settlement practices by insurance companies. Oklahoma’s Unfair Claims Settlement Practices Act is found in Okla. Stat. tit. 36 § 1250.1 et seq. All insurance companies doing business in Oklahoma must promptly investigate the claim, promptly evaluate the claim and promptly pay what the insurance company owes. The failure of an insurance company to do any of those things can give rise to a breach of contract and bad faith lawsuit. An insurance company’s actions can also give rise to a lawsuit involving other theories of recovery against the insurance company.
Oklahoma lawyer Rich Toon may be reached at 918.477.7884.
