Customers Sue UPS for $14B

United Parcel Service is being sued by a group of customers for insurance fraud, according to a report from Bloomberg News.

Citing a report by financial news service CNBC, Bloomberg said the customers are seeking $14 billion in damages. The customers allege that UPS collected fees to cover insurance costs for packages valued at more than $100, even though UPS is self-insured.

If a judge approves the litigation as a class-action lawsuit, damages sought would surge to $42 billion. UPS, the world's largest package-delivery service, has a market capitalization of $79.8 billion.