OLYMPIA – A Safeco Insurance Co. shareholder sued Republican U.S. Senate hopeful Mike McGavick on Tuesday, claiming the former executive’s $28 million payout for leaving the company was fraudulent and wasteful.
The claim resembles criticism from state Democrats, who have filed a separate federal campaign complaint alleging McGavick’s “golden parachute” amounted to an illegal campaign contribution.
McGavick, who is challenging Democrat Maria Cantwell, rejected the lawsuit as a political attack.
“These allegations regarding my compensation are without merit and obviously politically inspired,” he said in a statement. “It is sad that my opponents insist on dragging Safeco into the mean-spirited political process.”
In a statement, Safeco said McGavick’s pay was extensively reviewed by company officials and outside advisers.
The suit was filed by Emma Schwartzman, 27. Schwartzman says her great-great-grandfather was a founder of General Insurance Co., a Safeco predecessor.
The lawsuit seeks the return of McGavick’s entire 2006 compensation, or any portion found to be improper. He and Safeco are named as defendants, as are the company’s board members.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
