Louisiana Citizens To Spend $60M To End Katrina, Rita Suits

Law360, New York (September 14, 2012, 5:22 PM EDT) -- Louisiana Citizens Property Insurance Corp.'s board of directors agreed Thursday to settle for an estimated $60 million the two remaining class actions over its handling of insurance claims in the wake of hurricanes Katrina and Rita in 2005.

More than 18,000 policyholders brought the class actions against Louisiana’s property insurer of last resort over its handling of claims after the devastating hurricanes struck the southeast U.S. in August and September 2005. The policyholders alleged that Louisiana Citizens failed to initiate loss adjustments within 30 days, as...
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