Breaking: Jim Hood Settles with State Farm

I had to laugh when I was alerted by a reader to this story, it was her live blogging from the US Court in Natchez that landed Bellesouth on the cyber map here in Mississippi. It was her insistence that Hood did not do badly on the witness stand under Robie’s questioning and that he still did indeed have litigation ongoing against State Farm that put her on the outs with some folks who thought they knew better. In my world of finance blogging it is far better to be right and on the outs with the know it alls about a stock than wrong and losing your ass. Congratulations Belle.

Also we congratulate Jim Hood who has been viciously attacked by the combination of State Farm, Scruggs haters and the Mississippi GOP. Today’s announcement shows he stood firm and with resolve to do what was right for State Farm policyholders even in the face of the withering political criticism. I hope he enjoys the well deserved credit for the additional $74 million he got for the slabbed.

Here is the breaking story from Anita Lee:

Attorney General Jim Hood and State Farm have settled a lawsuit Hood’s office filed against the company.

Hood said State Farm has paid policyholder an additional $74 million for Hurricane Katrina claims, Continue reading “Breaking: Jim Hood Settles with State Farm”

From the archives: The Absurdity of Judge Jones’ Reasoning Manifested – New Wind-Water Developments (Corrected)

This morning I rose to see Anita Lee at the Sun Herald has a well written story concerning the involvement of the Mississippi Supreme Court in the Wind-Water controversy. The case in question is Corban vs. USAA which is before Judge Lisa Dodson in Harrison County Circuit Court. Judge Dodson recognizes a bad case precedent when she sees it as the Fifth Circuit Court of Appeals, specifically Judge Edith Jones, struck out into an area they clearly did not understand in their various interpretations of the anti-concurrent clause. The conflict involves the Fifth Circuit itself and their decisions in Leonard V Nationwide and Tuepker V State Farm. First I’ll excerpt Ms Lee’s story then we’ll provide some additional analysis.

The Mississippi Supreme Court is being asked to decide whether Katrina’s wind damage is covered when tidal surge contributes to the loss.

Attorneys filed the appeal Thursday in Corban vs. USAA Insurance Agency. USAA covered only $39,972 of damage to the Long Beach home of Magruder S. and Margaret Corban, whose policy exceeded $1 million in total coverage. Their home near the waterfront was a near-total loss, although portions remained standing. Continue reading “From the archives: The Absurdity of Judge Jones’ Reasoning Manifested – New Wind-Water Developments (Corrected)”