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 (
) 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.
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