Citizens pays $61 million to settle storm claims

A state-run insurance company of last resort agreed Thursday to settle two remaining class-action lawsuits tied to claims handled after hurricanes Katrina and Rita. The board for the Louisiana Citizens Property Insurance Corp. voted unanimously to settle the long-running lawsuits for $61 million. Policyholders sued the company over the slow handling of claims after the hurricanes struck in 2005. The board also authorized company CEO Richard Robertson to place caps of $4,500 per claim, $150,000 for court costs and $750,000 for administrative expenses.