Facts

Colin Bowe and Brian Morgan brought a class action lawsuit against Public Storage relating to its self-storage insurance policies for customers in Florida. They brought claims for violation of Florida's Deceptive and Unfair Trade Practices Act, breach of contract, unjust enrichment, breach of contract and breach of covenant of good faith and fair dealing, unconscionability, and violations of racketeer influenced and corrupt organizations act.

PLAINTIFFS' CONTENTIONS:
Plaintiffs contended that Public Storage required its customers to carry insurance for the items they stored at its facilities even though it knew such insurance was generally unnecessary. Furthermore, they contended that the insurance offered by Public Storage was deceptively marketed and Public Storage failed to disclose that it was a hidden profit center for itself involving kickbacks in the form of unconscionable profits at the expense of customers. Public Storage allegedly charged excessive premiums, the majority of which it retained for itself.

Result

The parties settled for $5 million.

Other Information

FILING DATE: April 30, 2014.