Bellman v. American International Group

{¶ 1} On June 19, 2002, Kevin Bellman, together with 23 other claimants, filed a class action lawsuit against 21 insurance carriers alleging that each had engaged in a regular practice of delaying payments on case settlements in an effort to derive financial benefit from the “float” on the settlement funds. “ ‘Float’ refers to the artificial balance created due to delays in processing credits and debits to an account.” In re Cannon (C.A.6, 2002), 277 F.3d 838, 843, fn. 1. Although the record establishes that the claims presented here emanated from different causes of action including torts…