Posted: Jan 30, 2012 12:35 PM
Updated: Jan 30, 2012 2:38 PM
Source: Associated Press
GRETNA - A judge has stopped attorneys trying to seize more than $100 million won for homeowners who claimed Louisiana's property insurer of last resort dragged its heels in adjusting hurricane claims in 2005.
The Louisiana Supreme Court said Citizens failed to begin adjusting claims for Katrina and Rita in 2005 within the 30 days required by law. The money includes a $92.8 million judgment for more than 18,500 Louisiana Citizens Property Insurance Corp. policyholders - plus $11 million in judicial interest.
Attorneys made initial moves to seize the money Monday until state District Judge Henry Sullivan of Gretna stopped them. He set a hearing for Feb. 8.
Citizens chief executive Richard Robertson said that although the company can pay the judgment, it will appeal to the U.S. Supreme Court.