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Friday, 20 July 2012 12:31
Hammer falls again for Louisiana Citizens' Property Ins., $104M Seizure moves forward
 

thor hammerThe hammer came down on Louisiana Citizens Property Insurance Corporation today as it lost another court battle in the Katrina, Rita property damage case in which the seizable amount now exceeds over $104 million dollars.

The Louisiana First Circuit Court of Appeal has granted Regions Bank's writ to deny Louisiana Citizens Property Insurance Corporation its requested relief to stop the seizure of the Insurer's funds to satisfy a judgment, which now totals more than $104 million. The judgment, which provides $5,000 each for 18,573 policyholders due to Citizens' faulty claims process following Hurricanes Katrina and Rita in 2005, is now considered fair and collectable and attorneys for the policyholders say the seizure will move forward without delay.

 

"This decision further rejects Citizens' flawed legal argument," says attorney Fred Herman, representing the policyholders. "Throughout these proceedings in every court, both state and federal, Citizens' position has been proven wrong and their strategy has continuously proven to be headed in the wrong direction."

Citizens' tactics have cost the company more than $300,000 per month in interest, and the collectable amount exceeds $104 million. In addition, there are thousands more policyholders not included in this Oubre judgment whose claims will be addressed in court proceedings to follow.

"They have wasted several millions of policyholders' and taxpayers' money and this whole process has delayed the payment that should have been paid years ago," explains Herman, who says the attorneys for the policyholders are planning to move forward with the judgment any day now.

It would take an interjection by the Louisiana Supreme Court to further delay the seizure, which attorney Wiley Beevers says is "highly unlikely," as the court has denied similar requests to prohibit the delivery of the funds throughout the proceeding.

"Instead of taking care of his policyholders, explains Herman, "Donelon was taking care of his politics."

 

 

 

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