It was quite a week for the insurance industry. First, New York's Eliot Spitzer had to step down as governor in the wake of a prostitution scandal, and then high-profile trial lawyer Richard “Dickie” Scruggs pled guilty to bribing a judge–and in a Hurricane Katrina lawsuit, no less!!! With the shortage of high-profile nemeses, the loss of these two powerful crusaders against insurer wrongdoing is a huge blow to industry reformers.
(To read all about the plea entered by Mr. Scruggs, click here.)
It is important to note that in the Scruggs case, the bribery took place in a legal battle among attorneys over $26.5 million in contingency fees from a Hurricane Katrina-related settlement with State Farm, not to influence a coverage decision.
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