NEW YORK (Reuters) - New York State governor Andrew Cuomo has named 10 banks, including Capital One Financial Corp and SunTrust Banks Inc, that he says are sitting on $41 million in insurance money owed to victims of Superstorm Sandy, which hit the northeastern United States last year.
The naming of what Cuomo describes as the “bottom ten banks” comes a month after he ordered the state's financial watchdog to investigate three insurance companies he said were being too slow in settling claims with Sandy victims
The storm caused around $40 billion of damage in New
York State and impacted millions of people. Loss of property
tax revenues, emergency funds and hefty repair bills have put an
additional strain on the stretched municipal finances throughout
the state, despite aid from the federal government.
“Some banks have continued to lag especially far behind the rest and it's well past time for them to pick up the pace,” Cuomo said in statement on Tuesday.
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