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Mississippi Senator, and former majority leader, Trent Lott settled his lawsuit against State Farm for their refusal to cover Hurricane Katrina damage to his beach home. Lott, whose case was scheduled to be tried in September, has acknowledged in recent months that he was weighing settlement, but has never ruled out the possibility of trial. State Farm agreed in Jaunuary to pay $80 million to up to 640 policyholders, including Lott. Most policyholders have accepted the offer, but Lott, along with a few other plaintiffs, have balked at settling.

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