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Mar 7, 2012 10:25 AM by AP

Citizen insurance plaintiffs to seize cash

BATON ROUGE, La. (AP) - The plaintiffs who won a $92.8 million judgment against Louisiana Citizens Property Insurance Corp. three years ago plan to seize the company's cash Wednesday. The move comes after a ruling late Tuesday in a Jefferson Parish state district court.

The Advocate reports the state-backed Citizens and its banker, Regions Bank, had attempted to delay the seizure, arguing that the plaintiffs should have filed that request in Baton Rouge. The judge ruled that the seizure was done properly.

Plaintiff attorneys said that means Citizens' policyholders will move ahead with the seizure

The lawsuit was filed following hurricanes Katrina and Rita in 2005. Citizens' policyholders claimed the company did not begin to adjust claims within the 30 days required by state law.

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