Their homes flooded 40 years ago. Soon, they'll share a $101.5 million settlement
After waiting 40 years, the victims of a Tangipahoa Parish flood caused by construction practices along a then-new stretch of
District Judge
About a third of the victims have died since the floods in 1983.
"It was a rather happy and sad day," said Rep.
It was
Flooding in that area was unheard of prior to 1983; few of the residents and business owners in the area had any flood insurance to protect them.
A Tangipahoa Parish jury ruled in favor of the flood victims in 1999, saying the interstate highway should have crossed the
However, the state
Following negotiations between the victims and the Gov.
"We wanted to figure out a way to make it happen, but at the same time there's a lot of other needs in the state," Wheat said. "I think we landed on a figure that's the best we could have possibly done."
Only a few legal steps remained after that before victims could begin receiving payments, the last of which being Tuesday's fairness hearing, where the judge determined that the settlement agreement was fair and accurate.
"It was a great day for the class. No doubt about it," said
Ther court still must complete an administrative process for doling out payments, like creating formulas for how much to pay each victim and finding out who inherits the settlement money for each deceased victim.
Layrisson said the court did not give an estimate for just how long that process will take.
"We want it done as fast as possible, but we also want it done correctly," Layrisson said. "It's a process."


Council for Affordable Health Coverage: The Price Of Good Health – What Voters Want
Woman Shares Some of the Funniest Names She's Seen Working in Pet Insurance
Advisor News
- Benefit Costs Squeeze Schools, Driving Cuts, Tax Hikes And Difficult Tradeoffs
- Why client insurance needs could change even if their life doesn’t
- Most Gen Z investors think less than a year ahead when making financial decisions
- IRI pitches retirement agenda to Jeffries as democrats shape affordability platform
- Help child-free clients plan for their later years
More Advisor NewsAnnuity News
- Guidance, bulletin or reg? NAIC debates form of annuity illustration update
- Nationwide adds mutual fund-linked strategy to New Heights Select FIA
- NUNN INTRODUCES BILL TO CUT RED TAPE, GIVE IOWANS CLEARER INSURANCE INFORMATION
- NAIC working group pressed to accelerate annuity illustration overhaul
- State Auditor James Brown Kicks Off Life Insurance Awareness Month With Policy Locator Tool
More Annuity NewsHealth/Employee Benefits News
Life Insurance News