$500M State Farm Deal Reveals Leaks in Flood Exclusions
January 29, 2007Firm Partner Jay W. Brown is quoted in this article by R.J. Lehmann regarding Broussard v. State Farm. Mr. Brown states that prior to Judge Senter's ruling in this case, State Farm was able to predict the value of its exposure. "The whole model," he says, "has now been thrown out, so there is no telling what the value of their exposure in now." The company's settlement, he adds, "certainly changes the environment for the other insurers" who continue to face hundreds of Katrina-related lawsuits along the Gulf coast."