La. Insurer To Pay $6M To Continue Katrina Appeal

Law360, New York (August 24, 2009, 7:34 PM EDT) -- Louisiana Citizens Property Insurance Co. has won a state judge's approval to pay $6 million, in lieu of a $95 million bond, to press on with its appeal of a $92.9 million judgment won by a class that accused the state-backed insurer of mishandling Hurricane Katrina-related claims.

Judge Henry Sullivan of Jefferson Parish approved the deal just before Tuesday's deadline for a $95 million appeal bond that Louisiana Insurance Commissioner Jim Donelon has warned could force Citizens to stop paying new claims or institute an emergency...
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