Treasurer Schroder releases $95 million for Tangi Flood Suit – The Observer

Treasurer Schroder releases $95 million for Tangi Flood Suit

Posted at 12:33 p.m. on Saturday, September 24, 2022

BATON ROUGE, The. – Earlier in the day, State Treasurer John M. Schroder released $95 million and ordered it transferred to an escrow account of the Qualified Settlement Fund (QSF), which was set up to compensate the 1,246 Tangipahoa Parish casualties, 400 families, and 96 businesses for losses suffered as a result of flood damage in 1983 due to the construction of Interstate 12 through a nearby watershed.

“There are people who have been born, who have graduated, who have started families, and some may even be grandparents since this flood happened,” Schroder said. “Thirty-nine years is a long time to wait. I am grateful that we are finally able to put the wheels in motion so that this goes well for the inhabitants of the parish of Tangipahoa. »

The release of funds comes after Treasury staff worked closely with the Division of Administration and legal counsel to ensure that all necessary documents for the transfer of funds were produced. Progress has been meticulously monitored to avoid any potential delays in moving money into the fund.

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