State Farm and Mississippi's insurance regulator announced an agreement for handling Hurricane Katrina claims today, which the company said includes many provisions of a proposed class-action settlement that collapsed in federal court.
On March 12, a group of attorneys involved in the federal class-action proposal notified U.S. District Court Judge L.T. Senter Jr. in Gulfport, Miss., that they were withdrawing their request to have it approved.
Based in part on withdrawal of the class-action settlement, Mississippi Insurance Commissioner George Dale said he had arranged with the company to undertake a reexamination of claims, where policyholders requested it, which could eventually impact 35,000 homeowners.
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