Mississippi Attorney General Jim Hood announced he has reached a settlement in his protracted battle with State Farm over payments to coastal homeowners whose houses were destroyed by Hurricane Katrina in 2005.
The attorney general said in a statement that he had reached an agreement to conclude his breach of contract suit against the insurer after concluding the company was acting properly by settling claims with oversight from the state insurance department.
His suit followed the collapse in 2007 of a proposed federal court agreement between State Farm and Mississippi homeowners participating in a class action. That arrangement fell apart when plaintiff lawyers said they were pulling out.
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