State Farm Fire & Casualty Company reached a global settlement today that could exceed $500 million in compensation to Mississippi policyholders whose houses were damaged by surging waters driven by Hurricane Katrina, State Attorney General Jim Hood announced.
Mr. Hood, who spoke to reporters at the State Capitol in Jackson and others via speakerphone, said that as part of the agreement, his grand jury investigation of the company's claims-handling practices would end.
Mr. Hood said there is no cap on the agreement and the company has agreed to pay a minimum of $50 million to homeowners who opted into a class-action settlement that would be filed with U.S. District Court Judge L.T. Senter Jr. in Gulfport, Miss.
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