La. Insurer Offers Up $80M To Resolve Katrina Claims

Law360, New York (February 9, 2012, 11:16 PM EST) -- Louisiana Citizens Property Insurance Corp. on Thursday reportedly offered $80 million to settle claims from a class of policyholders suing the state-chartered insurer over delays in processing Hurricane Katrina claims.

Board members of the so-called insurer of last resort voted to offer $80 million, with up to $25 million of that for attorneys' fees, which would cover the approximately 25,000 policyholders with claims against Citizens for failing to initiate loss adjustments within 30 days, as required by Louisiana statute, according to a report by the Associated...
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