Insurer offers $80M to settle class-action lawsuit
BATON ROUGE, La.- Louisiana's property insurer of last resort has offered to settle a dispute over slow handling of hurricane claims from 2005 for up to $80 million, with no more than $25 million of that for attorneys' fees.
The board of Louisiana Citizens Property Insurance Corp. approved the offer on Thursday.
It was told that would cover about 25,000 policyholders who say Citizens did not begin adjusting their claims for Hurricanes Katrina and Rita in 2005 within 30 days as required by state law.
State courts have rejected Citizens' appeals of a $104 million judgment involving 18,500 policyholders.
Plaintiff attorneys did not immediately respond to requests for comment.
Citizens is asking the U.S. Supreme Court to consider an appeal of the class-action lawsuit.