Negotiations between Louisiana Citizens Property Insurance Corp. and plaintiffs' attorneys over more than $100 million are off to a rocky start following a U.S. Supreme Court decision to not delay the execution of the class-action judgment against the last-resort insurer.
According to Citizens CEO Richard Robertson, the state-run insurer and plaintiffs' attorneys continue to meet in an attempt to resolve the litigation with a class of more than 18,000 policyholders who say the last-resort insurer failed to start the claims-adjusting process within the time frame set by law following Hurricanes Katrina and Rita in 2005.
The state Supreme Court reinstated what is now a judgment of more than $100 million against Citizens, paving the way for the Citizens' policyholders to collect $5,000 each. However, the amount of people eligible to join the class could rise.
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