Mississippi Attorney General Jim Hood announced today he was suing State Farm Fire and Casualty Company for breach of contract and bad faith over a failed January settlement agreement concerning coastal resident's Hurricane Katrina claims.

In response, the Bloomington, Ill.-based company called Mr. Hood's action a headline-making move that would not do much for policyholders, and said a separate agreement to cover such claims that it arranged with the state insurance department is working well.

Mr. Hood's action seeking compensatory and punitive damages was filed in the Circuit Court of Hinds County.

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