Attorneys representing a group of homeowners that sued the Louisiana insurer of last resort have rejected a settlement offer, calling it fatally flawed.
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.
The board of directors of Louisiana Citizens Property Insurance Corp. is scheduled to meet tomorrow to discuss a proposed settlement in a case involving payments to thousands of policyholders.
The U.S. Supreme Court has decided not to delay the execution of a judgment against Louisiana Citizens Property Insurance Corp. while the last-resort insurer prepares an application for the high court to hear the case.
A judge Monday stopped attorneys trying to seize bank accounts of Louisiana's property insurer of last resort to collect more than $100 million they won for homeowners who claimed the company dragged its heels in adjusting hurricane claims in 2005.
Louisianas last-resort insurer is considering going to the U.S. Supreme Court after the states highest court chose not to reconsider its decision to reinstate a $92.7 million award in favor of policyholders.
Louisiana Citizens Property Insurance Corp. has proposed a 10.5 percent overall increase to homeowners insurance rates in order to correct inadequate rates for wind-and-hail coverage, according to Richard Robertson, CEO of the state-run, last-resort insurer.
Louisiana Citizens Property Insurance Corp. doesnt think the state Supreme Court addressed all the issues it should have before reinstating what has become a judgment of more than $100 million for policyholders.