LA Supreme Court strikes down insurance agency appeal
NEW ORLEANS - The Louisiana Supreme Court has struck down another attempt by the state's property insurer of last resort to avoid paying more than $100 million for late adjustment of hurricane damage claims in 2005.
Monday's action reversed a state appeals court decision that had blocked the banker for Louisiana Citizens Property Insurance Corp. from revealing where it is holding the company's money.
Citizens is pursuing a possible U.S. Supreme Court appeal, and contends that $6 million it put up for an appeal bond should cover a federal appeal.
But the state's high court said that money covered only state appeals - and Citizens has lost at all state court avenues.
About 18,500 policyholders won $92.8 million.
Since the original decision, the bill has grown to about $105 million with judicial interest.