01.01.2008 Louisiana Attorney General Accuses Insurers of Antitrust Conspiracy
01.01.2008On Nov. 8, Louisiana Attorney General Charles Foti commenced a significant antitrust action against several of the largest property and casualty insurers operating in the state. The suit, which names State Farm, Allstate, Travelers and USAA as defendants, alleges that the insurers conspired to reduce the amounts paid to policyholders on Hurricane Katrina and Rita claims. The action also names as defendants Xactware Solutions, which created the claims processing software used by the insurer defendants for the assessment of the claims, its parent company, Insurance Services Office, Inc., and McKinsey & Company, which provided consulting services to the insurers. Notably, the action was filed only days before Foti’s term of office expired, and will now be left in the hands of the new Louisiana Attorney General, James “Buddy” Caldwell.
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