I did my checking and calling and there has in fact been a suit filed in US District Court, Bridgeport, CT requesting class action and seeking redress by plaintiffs alleging a pattern and practice of short changing and rebating. It was filed October 31, 2005 and I'll see if I can get a copy of it or the case number so that I/we can do an analysis.
Counsel for plaintiffs are Attorney David Golub of Silver, Golub & Teitell, Attorney Peter R. Kahana of Berger & Montague in Philadelphia, PA and Attorney Richard B. Risk of The Risk Law Firm in Tulsa, OK.
Well, this should be very interesting, and based on some other calls I've made over the last three weeks, this will not be the last case of it's kind filed and these are not the only attorney's pursuing this. A lot of us for a lot of years have felt the commission sharing/rebating/revenue sharing model was badly flawed, with my plaintiff orientation obviously being more against it then most. However, I've spoken to just as many defense brokers who wanted it ended over the last 5 years as well, but several of the casualty markets clung to it for what I've always felt were marginal income reasons relative to the risk of suits such as this one and Macomber showing up eventually.
Follow up: 11-13-2005. Case number is either, 305: CV1681 JCH or 305: CV01681 JCH. I had readers send me both numbers.