Hogan's auto-insurance policy through Progressive offered an all-expenses-paid defense but he didn't know that and hired the firm of Zuckerman Spaeder to defend he and his son. Zuckerman Spaeder ended up charging Hulk over $1.5 million in costs and fees! Now Hogan has brought suit claiming that the firm should have told him that there was the "free" option from Progressive. The complaint is quite extensive at 44 pages in length and charges 8 counts of malpractice and intentional breach of fiduciary duty agains the firm and its lawyers.
The important lesson here is to know what's in your policy. Hulk didn't and now he has a second lawsuit to tend to because of it. Another lesson to take from it is to promptly speak to your insurance company. Hogan had representatives and lawyers speak to the insurance company, those who would gain from him not knowing about the "free" option, and wasn't able to hear his options straight from the one's who knew them best, Progressive. Finally, Hogan was under-insured with only $500k, any settlement or judgment greater than that and he'll have to pay out of pocket. Million dollar policies aren't that expensive and it's a shock that a celebrity like this doesn't have at least that.
Here's the press release for Hulk Hogan's lawsuit along with the complaint. Here are the exhibits in support of the the suit including correspondence between Hulk Hogan and his lawyers.