Financial Stocks Rebounding in Late Trade; Allstate Files Fourth Suit of 2013 Seeking To Crack Down On Fraud


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Financial stocks have turned moderately higher this afternoon , with the NYSE Financial Sector Index rising around 0.2% and the S&P Financial 100 Index advancing about 0.5%.

In company news, Allstate Insurance Company ( ALL ) is up 1.5% at $47.28 a share shortly before the closing bell and the company today saying it has filed suit seeking to recover $6.6 million in treble damages against 80 New York and Florida area defendants in its 4th insurance fraud lawsuit of 2013.

The complaint was filed in U.S. District Court for the Eastern District of New York alleging the defendents submitted or abeted false documents to ALL seeking reimbursement under New York's no-fault insurance law.

Since 2003, Allstate has filed 48 fraud lawsuits in New York State seeking more than $237 million in damages.

In other sector news,

(+) MGI, Reportedly has hired Bank of America Corp/Merrill Lynch to explore a sale of the company, a person familiar with the matter tells Bloomberg News, asking not to be named because the process is private. DealReporter earlier this week said the money-transfers firm is in merger talks, resulting in a spiking share price.

(-) AHT, Prices secondary offering of 11 mln shares of its common stock at $12 apiece. Proceeds will be used for the proposed spin-off of an 80% stake in its hotel portfolio as Ashford Hospitality Prime Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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