September 20, 2005

Prof. Grace had this on his blog and it bears reprinting here:

According to BestWeek ($$$$) our famous litigator from Mississippi, Mr. Richard Scruggs, says

"I'd rather see an insurance company go broke than the tens of thousands of my friends and neighbors in Mississippi, Alabama, and Louisiana go bankrupt."

Last Thursday Mississippi Attorney General Jim Hood, following urgings by Scruggs, filed suit against five insurance companies seeking to have the exclusion of flood damage in homeowners' policies declared void as against public policy, a daring act of attempted expropriation which if successful would likely have far-reaching economic consequences that went well beyond the bankrupting of insurers.