Claims News Service, Nov. 20, 3:55 p.m. EST — Louisiana Citizens Insurance Corp. approved a payout of $35 million to settle a class action lawsuit filed by policyholders in the aftermath of Hurricane Katrina.
According to a report by the Associated Press, the lawsuit alleged that the firm took too long to pay off policyholders' claims after the 2005 hurricane season that rocked Louisiana.
The settlement could get its final approval in a Dec. 15 hearing before Louisiana District Judge Kern Reese. Depending on how many claimants are approved to join the lawsuit, roughly 30,000 claimants could get up to $1,000 each.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
