Citizens Saves $30M By Settling Suits Over Sinkhole Damage

Law360, Miami (March 12, 2014, 7:21 PM EDT) -- Florida-based Citizens Property Insurance Corp. said Wednesday that it has settled with more than 300 policyholders to help pay for repairs for sinkhole damage, a move that the state-backed insurer says will save $30 million in litigation expenses.

Under the terms of the settlement, Citizens will pay $2 million in legal fees and expenses already incurred and will give homeowners who are in the early stages of litigation against the insurer $10,000, while those who have not yet filed suit will get $5,000.

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