High Court Won't Stall La. Insurer's $93M Katrina Fine

Law360, New York (January 31, 2012, 9:01 PM EST) -- The U.S. Supreme Court on Tuesday refused to grant an emergency stay of a $92.8 million judgment against Louisiana Citizens Property Insurance Corp. over Hurricane Katrina claims, according to an attorney for a class of policyholders who sued the state-chartered insurer.

Fred Herman told Law360 that the high court's clerk's office confirmed that the motion was denied.

Without the stay, the so-called insurer of last resort will have to pay the $92.8 million out to about 18,573 policyholders at about $5,000 each. Citizens is waiting on...
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