494 days ago or One Year, 4 months and 7 days…Bush shared the Good News…
The good news is — and it’s hard for some to see it now — that out of this chaos is going to come a fantastic Gulf Coast, like it was before. Out of the rubbles of Trent Lott’s house — he’s lost his entire house — there’s going to be a fantastic house. And I’m looking forward to sitting on the porch. (Laughter.)
Today’s Good News is that Bush, through no effort of his own, is possibly one step closer to meeting his goal of sipping virgin(?) Mint Julips on Trent’s porch…
Bloomington, Illinois-based State Farm agreed “in principle” to pay an undisclosed amount of money to more than 600 policyholders, including Republican Sen. Trent Lott, who sued State Farm after the storm, according to these people. All are represented by a legal team led by high-profile attorney Richard “Dickie” Scruggs.
Lott, whose home in Pascagoula was destroyed by Katrina, is Scruggs’ brother-in-law and one of his clients.He was an outspoken champion of setting limits on lawsuits before Katrina. But he sued State Farm after the company denied his claim. (emphasis mine)
Seriously though, the proposed deal would benefit about 35,000 MS residents as there is a class action resolution component by which State Farm must review their claims and “would be required to make new offers and any disputes would be heard by an arbitrator whose decision would be binding.” The company would have to pay out a minimum of $50 million to those policyholders “but the company could end up paying hundreds of millions of dollars more than that because there would not be a cap on the amount, the people with knowledge of the talks said.”
Before you get all warm and tingly for State Farm keep this in mind from the NYT…
To close the deal, State Farm wants the approval of Mississippi’s attorney general, Jim Hood, and the state’s insurance regulator, George Dale, lawyers close to the talks said.As a condition of the deal, these lawyers said, Mr. Hood would be required to drop a criminal investigation into State Farm’s handling of claims as well as a civil lawsuit against State Farm and other insurers. (emphasis mine)
The talks do not apply to homeowners in New Orleans and the rest of Louisiana.