In todays (1/24/2007) headlines there are plenty of articles on this story. Listed below are some quotes from a few of the articles.
From the State Farm Press ReleasePress Release
"GULFPORT, MS., (January 23, 2007)-- State Farm will participate in a court supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties. The process is part of an agreement reached through the settlement of a class action lawsuit against the insurer by families who believe their damage claims were not adequately resolved. This agreement can affect some 35,000 Mississippi families, if approved by the U.S. District Court in Mississippi overseeing hurricane litigation." ...
"The agreement settles lawsuits filed by 640 homeowners and allows thousands of others to reopen damage claims that State Farm previously closed. Insurance executives said they expected the outlines of the deal to be adopted by other carriers. " (article)
"State Farm Fire & Casualty Co. agreed Tuesday to settle hundreds of lawsuits by policyholders and reopen and pay thousands of other disputed claims, a landmark deal potentially worth hundreds of millions of dollars for Mississippi homeowners devastated by Hurricane Katrina." (article)
"A “class action” component of the deal requires the company to reopen and review claims filed by roughly 35,000 policyholders who live in Mississippi’s three coastal counties but didn’t file lawsuits against State Farm.
After reviewing those claims, the company will be required to make new offers. Any disputes will be heard by an arbitrator whose decision would be binding." (article)
"GULFPORT, Miss. — State Farm will participate in a court-supervised resolution process to reconsider and fully resolve claims from Hurricane Katrina in three Mississippi coastal counties as part of an agreement reached through the settlement of a class action lawsuit against the insurer by families who believe their damage claims were not adequately resolved. You can find additional articles on the CADO home page under the "Katrina Claims" tab.
The agreement can affect 35,000 Mississippi families, if approved by the U.S. District Court in Mississippi overseeing hurricane litigation, and is the result of negotiations between State Farm (the largest property insurer in the state) and the Scruggs Katrina group." (ABRN Article)
You can join a dicussion on this subject in the forum, click here for the thread.
You can find additional articles on the CADO home page under the "Katrina Claims" tab.
You can chat about it the Chat Room