Florida has reached a $9.7 million settlement before arbitration with Everest Reinsurance Co., closing at least one chapter in a six-year effort to recover funds from one of the state’s largest insurance fraud scandals.
The settlement is tied to a state claim that the managers of the Poe Financial Group wrongfully diverted $144 million from storm claims in 2004 and 2005 to themselves. Leon Circuit Judge Terry Lewis approved the settlement July 10.
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