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LA Supreme Court strikes down insurance agency appeal

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Posted: Apr 9, 2012 2:52 PM by WBRZ staff
Source: AP

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Topics: Louisiana Citizens Property Insurance Corp., Hurricane Katrina, wbrz, louisiana

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.

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