Citizens pays $104M award over slow storm claims
BATON ROUGE - Louisiana's property insurer of last resort has paid a $104 million judgment that will benefit more than 18,500 policyholders who sued over slow adjustment of claims after hurricanes Katrina and Rita struck in 2005.
Plaintiffs' attorney Fred Herman said Louisiana Citizens Property Insurance Corp. transferred the money Monday.
Herman said eligible plaintiffs will receive their share of the judgment in three to six months. A state judge still has to decide how much of the award should pay for attorneys' fees and costs.
Citizens CEO Richard Robertson said the company still has about $100 million in cash reserves to continue paying claims "for the foreseeable future."
A state judge ruled in 2009 that Citizens did not adjust damage claims for the storms within 30 days, as required by law.