Attorneys Seize Louisiana Insurer’s Money

January 31, 2012

Attorneys have begun seizing over $100 million they won for homeowners who claimed Louisiana Citizens Property Insurance Corp. dragged its heels in adjusting hurricane claims in 2005.

Attorney Fred Herman said Monday that the money includes a $92.8 million judgment for more than 18,500 Citizens policyholders – plus more than $11 million in judicial interest.

The Louisiana Supreme Court ruled earlier this month that the state’s property insurer of last resort had failed to start adjusting storm claims as required within 30 days. Each of the plaintiffs stands to get $5,000.

Citizens CEO Richard Robertson said the company is attempting to get a state judge in Jefferson Parish to delay the seizures. He says Citizens has enough money in its accounts to pay the judgment.

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