Before a federal judge threw a monkey wrench into the process, some insurance groups expressed hope that the proposed State Farm class-action agreement to settle water-related Hurricane Katrina damage claims for thousands of Mississippi homeowners would put an end to anti-industry rhetoric along the Gulf Coast and all the way to Congress.
U.S. District Court Judge L.T. Senter Jr. sent the negotiators back to the bargaining table last week to overcome a number of objections he raised, but even before the deal was derailed, industry officials had mixed reactions.
"This settlement is a forward-moving event that's in the best interests of State Farm's policyholders and rebuilding the Gulf," said Nancy Grover, a representative for the National Association of Mutual Insurance Companies. "It doesn't further these efforts to engage in political posturing at this time."
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