Law360, Los Angeles (February 17, 2016, 8:58 PM ET) -- Nutritional supplement maker Cell Tech International shareholders on Wednesday urged the Ninth Circuit to find that anAmerican International Group unit owes them them millions of dollars in prejudgment interest on a $4.1 million judgment against the insurer, saying a lower court erred in ruling that a $5 million policy limit precludes the interest. In an opening brief Wednesday, appellants Daryl Kollman and Helen Frazer argued that National Union Fire Insurance Co. of Pittsburgh, PA should pay 9 percent interest dating back to September 2004 on the $4.1 million owed in a coverage row stemming from a decade-old $40 million jury verdict in a shareholder suit. They contended that an Oregon …show more content…
Shortly thereafter, Hateley declared bankruptcy as a result of the $40 million verdict. In the September judgment, Judge Panner awarded Cell Tech more than $880,000, plus prejudgment interest, and Kollman and Frazer $4.1 million plus attorneys' fees with no prejudgment interest. He awarded Hately's bankruptcy trustee $2 million plus post-judgment interest, and another $515,000 for attorneys' fees and costs. In Wednesday's brief, Frazer and Kollman argued that prejudgment interest must be paid except when policies unambiguously limit it, and that the National Union policy's limit on prejudgment interest only applies to judgments entered against the insured, not the insurer itself. "Nothing in the insurance policy states that if National Union breaches the insurance policy and fails to timely pay its policy limits, that it will not be responsible for any pre or post-judgment interest that is required by Oregon statute for a breach of contract," they argued. Representatives for the parties could not be reached for comment late
However, they fail to distinguish between the initial question of economic outlay and the secondary issue of debt or equity. Only if the first question had an affirmative answer would the second arise. The tax court correctly determined that the appellant’s guarantees in itself have not constituted contributions of cash or other property which might increase the bases of the appellant’s stock.
There are a number of parties in this case. I’ll refer to the main parties as the plaintiff and defendant
After Vodburg sue, the trail court award Vosburg for 2800 dollars; however, Putney appeal as a new trail was ordered because of some reversed for error, and end it with award Vosburg for 2500 dollars.
The plaintiff, First Colonial Bank for Savings entered into an interpleader action in the District court to determine who was entitled to the surplus proceeds from the foreclosure sale. The foreclosed property belonged to the defendants, Robert H. and Sherrell L. Bergeron, and the codefendants, Ford Motor Credit Company, the junior mortgagee of the foreclosed property as a result of corporate restructuring Ford Consumer Finance Company was substituted as the defendant for Ford Motor Credit Company. Both the Bergerons and Ford filed motions for summary judgement as they both felt entitled to the surplus. The district court ruled in favor of Ford Motor Credit Company and denied the Bergerons motion. The Bergerons appealed the decision of the District Court because they argued that they filed for and were discharged from bankruptcy prior to the foreclosure sale, therefore they believed that the security interest granted to Ford prior to their petition does not carry over to the surplus funds received after filing the petition.
Good Year doesn’t feel they are responsible for the “other cost and losses” suffered by the Plaintiffs in this case. Good Year feel like if they pay the correct amount they will have satisfied the courts decision. Once the attorneys calculated the correct amount and tried to fix the issue Good Year felt they were only obligated to pay that amount only.
David A. Goldmeier and Terry C. Goldmeier v. Allstate Insurance Company 337 F.3d 629 (6th Cir 2003) case supports our
The company has been engaged in a dispute over a long-standing litigation with W Inc. The dispute involves a specific patent infringement matter. In May 2007, W Inc. filed a claim against the company for patent infringement and management determined that a loss was probable and estimated it would be between $15 million and $20 million, with $17 million being the most likely amount of loss within the estimated range (December 31, 2007). In September 2009, a jury trial took place for the litigation involving the company and W Inc. A verdict for the trial was reached; a judgment was ordered that
District court of Florida ruled in favor of the plaintiff, Beth Ann Faragher, she was awarded 1 dollar in nominal
COMES NOW, Defendant the State Farm Fire & Casualty Company (“State Farm”), by and through Mark J. Stiller, Esq., Bryant S. Green, Esq., and Niles, Barton & Wilmer, LLP, and hereby files this Memorandum of Law in Support of its Motion for Sanctions for Failure to Respond to Discovery pursuant to Md. Rule 3-421(h), and in support thereof, states as follows:
Levy introduced me to is contractual law. Mr. Levy allowed me to assist on insurance cases, which included observing meetings, summarizing depositions, and reviewing contracts. Even though I had experience reviewing contracts while working a couple of summers for a General Counsel at a large business, this was completely different because these agreements were among insurance companies and individuals, instead of insurance companies and businesses. Mr. Levy works on behalf of insurance companies, mostly State Farm, when they have disputes with their clients over wind and hail coverage. These cases are interesting because Mr. Levy has to not only deal with the individuals that are claiming the insurance company didn’t follow the contract, but he also must deal with the adjuster in each case. Mr. Levy gave me the responsibility of summarizing the depositions of the adjusters to confirm that none of them said anything that was contradictory or detrimental to State Farm’s case. Often these cases end with settlements or dismissals because either the insurance company decides to compensate the individuals or the attorney representing the insurance company gets a favorable summary judgment. Mr. Levy and other attorneys representing insurance companies frequently seek summary judgments when the plaintiffs don’t have significant evidence to prove that the insurance companies violated the contract. In most of the insurance cases that I assisted Mr. Levy on he was able to receive summary judgment because the plaintiffs didn’t have enough evidence to prove that State Farm was responsible for paying the
One of the principal grounds for rejecting insurance claims is that the claim is not covered by the terms of the policy, or is specifically excluded. The rule that coverage provisions should be interpreted broadly and exclusion clauses should be interpreted narrowly is really just a corollary of the Contra Proferentem rule which applies in the event of ambiguity i.e. it is the insurer who likely drafted the insurance contract and construing coverage provisions broadly, or exclusion clauses narrowly, will be to the detriment of the insurer as the party who drafted the contract. The construction of exclusion clauses and coverage provisions helps justify the objective intention of the contract. This is the intention which the court considers, a reasonable person in the position of the contracting parties, would have had. It is submitted that coverage provisions should be broad and encompassing and exclusion clauses should be narrow. However, before such a conclusion is reached, this paper will aim to justify the reasoning behind such a claim analysing arguments for and against such a proposition, drawing upon the landmark case Darlington Futures Ltd v Delco Australia Pty Ltd to help relate the discussion to issues raised by such considerations.
Young argued that the firm had a conflict of interest when it continued to represent other employees of Young’s employer, and when their settlement included a rule barring the firm from suing the employer in the future. Young believed that the firm had waited to pursue her case until its other case was settled. The jury determined that Becker & Poliakoff knew that the case had been dismissed, but withheld that information from Young so they could settle the other case and secure the $2.9 million fee and cost reimbursement in that case. The jury returned a verdict for Young of $394,000 in compensatory damages as a result of Becker & Poliakoff’s breach of fiduciary duty. The total compensatory damages consisted of $144,000 in past lost wages and $250,000 in damages for
As an investment manager from Sierra Capital Partners, Rodney Chu is interested in purchasing a 60% equity interest of Arcadian Microarray Technologies, Inc., a biotechnology firm. The bid is currently at $40 million. The Arcadian’s managers have optimistic projections for their firms’ performance over the next 11 years.
Vic is awarded $200,000.00 at trial. Gekko pays $100,000.00 in accordance with Donna’s auto policy coverage, and
This is the story of a cell, a young cell. This cell’s goal was to have the most powerful mitochondria of any other cell she knew. The mitochondria gave energy. She knew if she had a strong mitochondria, her being would be powerful and strong.