There’s much more. Lee’s story lays out the reactions and details, including a key one—that the Mississippi ruling trumps the federal appeals court since insurance contracts are governed by state law—and notes the Pyrrhic nature of the victory for those who settled based on the federal court ruling.

The Times-Pic and SunHerald’s Katrina reporting demonstrates the critical importance of independent local news coverage. The Audit thanks them for staying on this story.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.