The 4th Circuit Court of Appeals has refused to approve the $35 million settlement of two class action lawsuits against Louisiana Citizens Property Insurance Corp. The Court said the settlement was not fair to some policyholders. Citizens faces three class-action lawsuits because of delays in adjusting and settling claims from hurricanes Katrina and Rita. The settlement voided by the Fourth Circuit covered Citizens’ failure to offer to settle claims within 30 days of being notified of losses.
Source: Insurance Journal