Sep 14
BATON ROUGE, La. (AP) — A state-run insurance company of last resort agreed Thursday to settle two remaining class-action lawsuits tied to claims handled after hurricanes Katrina and Rita.
The board for the Louisiana Citizens Property Insurance Corp. voted unanimously to settle the long-running lawsuits for $61 million. Policyholders sued the company over the slow handling of claims after the hurricanes struck in 2005.
The board also authorized company CEO Richard Robertson to place caps of $4,500 per claim, $150,000 for court costs and $750,000 for administrative expenses.
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