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NEW YORK, April 16 (Reuters) - A federal jury ruled against Allstate Corp. (ALL.N: Quote , Profile , Research ) in a "wind versus water" case that awarded a New Orleans area man more than $2.8 million for damage to his home from 2005's Hurricane Katrina.
"Allstate is shocked with the jury's verdict in favor of the plaintiff and believes it acted in good faith," said Mike Siemienas, a spokesman for Allstate, the largest publicly- traded home insurer in the United States.
The decision in U.S. District Court in Louisiana comes at a time when cases in another state, Mississippi, appear to be winding down, and settlements are being negotiated there by the state insurance commissioner. A class action settlement in Mississippi fell apart when the judge there was dissatisfied with the terms. Continued...
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NEW YORK, April 16 (Reuters) - A federal jury ruled against Allstate Corp. (ALL.N: Quote , Profile , Research ) in a "wind versus water" case that awarded a New Orleans area man more than $2.8 million for damage to his home from 2005's Hurricane Katrina.
"Allstate is shocked with the jury's verdict in favor of the plaintiff and believes it acted in good faith," said Mike Siemienas, a spokesman for Allstate, the largest publicly- traded home insurer in the United States.
The decision in U.S. District Court in Louisiana comes at a time when cases in another state, Mississippi, appear to be winding down, and settlements are being negotiated there by the state insurance commissioner. A class action settlement in Mississippi fell apart when the judge there was dissatisfied with the terms. Continued...
This is cache, read story here
