LIVE: VIDEO AND POLITICS

Monday, 23 July 2012 06:09
Louisiana Citizens Property Katrina class-action over, $104M judgment sent to sheriff
Written by 

fat-lady-sings1NEW ORLEANS. Jul. 23, 2012 – You know the old saying, "It ain’t over until the fat lady sings. 

Well, today the fat lady sang out for thousands of plaintiffs in Louisiana who had sued Louisiana Citizens Property Insurance Corporation in what has been a very protracted and arduous court process for a class action arising out of Hurricane Katrina claims. 

 

 However, the last song might not have been sung in the case which could be resolved one way with even further litigation.  

After the $104 million judgment (including interest) funds were wired to the sheriff, lead counsel for the plaintiffs, Fred Herman, responded to a question posed by Bayoubuzz:  

"Today, after a lengthy and tortuous legal fight which took nearly 7 years to the day that Hurricane Katrina made landfall in South Louisiana and the Citizens Insurance failed to timely adjust its policyholder losses, the funds have been delivered to pay the policyholders”. 

Herman also said, "We still have several thousands of claims they refuse to negotiate.  We will be filing against them within the month"

While paying the judgment plus interest in the class action,  LA Citizens Chief Executive Officer Richard A. Robertson, sent out a statement reassuring policyholders that the company had more than adequate cash in reserve but saying that to an extent, the company is still at risk. 

The CEO of Louisiana Citizens Property Insurance Corporation reassured policyholders that the company has more than adequate cash reserves to operate smoothly even after the payment of today’s $104 million class action judgment. “LA Citizens is a viable organization with sufficient operating funds to pay claims for the foreseeable future. We have a balance of $100-110 million in cash reserves,” said LA Citizens Chief Executive Officer Richard A. Robertson.

Robertson did clarify, however, that a huge lump payment to policyholders from a major storm in 2012 could put enormous pressure on the company. “Of course, a major Katrina-type storm could cause a problem if it happens this year before we have time to replenish our cash reserves, causing the possibility of an assessment that would affect the entire state,” he said.

Since 2008, LA Citizens has instituted management systems and a structure that has strengthened the entire organization. “This judgment reflects the aftermath of Katrina and Rita before the company was restructured to raise accountability standards. In 2009, Hurricane Gustav generated more than 50,000 claims. There are fewer than 100 claims that remain open. There were no class action lawsuits,” he said.

 

Join Our Email List
Email:  

 

 

Login to post comments
  • A July 4th Fact of Facts: America is Land of Immigrants
  • Poll: Trump strong on jobs, weak on tweets, viewed as reckless, thin-skinned, sexist
  • President Trump, It doesn't feel like Independence Day
  • YIPPIE! The naked truth about free speech, cherished especially on Independence Day

mass2On July 4, 1778, George Washington doubled liquor rations for the soldiers quartered in Princeton, NJ, as a way to celebrate Independence Day. It’s fitting, therefore, that the Fourth of July is America's top-selling beer holiday, according to the Beer Institute. It estimated, in 2013, that sales of beer on the 4th could total $1 billion, doubtlessly higher today. “In moderation,” claims a CA brewery investor, Grover McKean, “beer is tasty and healthy.” Who could disagree?

Read More

joe mikaAs Donald Trump faces the top world leaders this week, including a face-time with Vladimir Putin, and as his healthcare proposals face an uphill climb, his poll numbers for how the nation views him could be better.

According to a morning Consult/Politico poll released Wednesday morning, his tweets, including that against MSNBC's Mika Brzezinski, and his personality are not helping him, at all.

Read More

indy dayII know the calendar says we are approaching the 4th of July, but, it just doesn’t feel like Independence Day.

Perhaps it should.  It’s hot as heck.  The airlines have been packed. The hot dogs are ready for grilling.  The umps are saying, "play ball". The patriotic activities are scheduled. The fireworks are ready-for-blasting. 

Yet, it just doesn’t feel like independence day.

Read More

bill rights2To President Thomas Jefferson, July 4th celebrated more than the signing of the Declaration of Independence. He thought it was a link to the future. The message prominent colonists sent to King George III led to the Constitution and the Bill of Rights, the initial and most prominent feature of which is the First Amendment that guarantees free speech. It’s part of the country’s fundamental essence that each man and woman can say what they feel about government, or anything else, proving President Donald Trump needs some civics lessons.

Read More

latter-blum2

Dead Pelican

Optimized-DeadPelican2 1 1