BATON ROUGE, La. (AP) - The U.S. Supreme Court has refused to stall payment of a $93 million judgment against Louisiana's property insurer of last resort.
The Louisiana Citizens Property Insurance Corp. asked the high court to stop immediate collection process of the judgment, which has grown to nearly $104 million with interest, while Citizens asks the court to consider its application for appeal.
But Fred Herman, one of the plaintiff attorneys, says the Supreme Court on Tuesday denied Citizens' request for an "emergency stay" order.
The decision means that while Citizens is trying a federal appeal of the case, the insurance company will be expected to pay the money to 18,500 policyholders who stand to receive $5,000 each.
Citizens was found to have moved too slowly in dealing with claims after the 2005 hurricanes.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
