Sector Update: Financial

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Financial stocks are moderately lower today with the NYSE Financial Sector Index sliding about 0.2% and the S&P Financial 100 Index declining 0.3%.

In company news, Los Angeles County Superior Court has ruled in favor of

Allstate Corp ( ALL ) is down 0.7% in late trade at $51.28 a share and a state judge in California today awarding the insurance company $7.7 million in a lawsuit over an alleged fraudulent billing scheme by unlicensed medical and chiropractic personnel.

ALL had accused Maria Miranda, Frank Rivera and LA Healthcare Management, Inc. of violating the state's Insurance Fraud Protection Act by submitting more than 390 chiropractic claims to the company that were falsely generated by unlicensed and untrained personnel, or because the billed treatments did not reflect patients' physical needs.

Los Angeles County Superior Court Judge William Fahey agreed, ordering to pay Miranda and Rivera to pay $3.9 million in penalties to ALL, plus another $3.8 million in assessments and fees.

In other sector news,

(-) FUR, Prices public offering of 2.75 million shares of its common stock at $11.45 apiece. Proceeds will be used to fund future acquisitions, including a possible deal for four luxury apartment buildings.

(-) JPM, CEO Jamie Dimon meets for about two hours with U.S. Attorney General Eric Holder amid intensifying talks by the bank for an $11-bln settlement to avoid potential criminal and civil charges linked to mortgage-backed securities prior to 2008.

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

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This article appears in: Investing , Commodities

Referenced Stocks: ALL

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