Lake Charles (La.) Memorial Health System has reached agreement with bond issuers over disputed claims arising from Hurricane Laura in August 2020.
The settlement arose from disagreements about emergency mitigation services provided as a result of Hurricane Laura, the strongest hurricane on record to hit Southwest Louisiana.
The three-hospital system laid off 205 workers as a result of damage to its facilities from the hurricane.
"It was the desire of all parties to avoid the necessity, expense, inconvenience and uncertainty of litigation," according to the filing. "All matters between the parties, including all claims, causes of action, and counterclaims are included in settlement."
The health system, which employs more than 2,700 people, will provide payments in installments through fiscal year 2024, "thus alleviating material financial impact."