State Farm policyholders will receive more money if the company is ordered to use guidelines approved by a federal judge to settle tens of thousands of Hurricane Katrina claims, Attorney General Jim Hood said Monday.
State Farm officials agreed in January to create a process to re-evaluate claims and submit the process to a federal judge for approval, according to a settlement agreement.
But the company has failed to honor the agreement despite his repeated requests, Hood said Monday in announcing a lawsuit he had filed against State Farm alleging breach of contract.
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