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
A Delaware chancery judge found Mr. Prosser personally, and his corporation, liable for $220 million in damages to the minority shareholders that he “rid himself of” when he merged Emerging Communications into Innovative. Rural Telecommunications Finance Cooperative of Herndon, Va. accused Innovative of 31 breaches of its lending agreement and filed suit to get the $550 million it lent Innovative repaid at once. Virgin Islands regulators accused Innovative 's phone company of making an improper $28.5 million loan to Belize Telecommunications.
As shareholders of VAFLA Corporation, an S corporation, the appellants claimed deductions to reflect the corporation’s operating losses. The commissioner disallowed deductions above the $10,000 bases from original investment. The appellants contend that the adjusted basis in their stock should be increased to reflect a $300,000 loan. The loan was obtained by VAFLA from bank and was guaranteed by the shareholder-guarantors. VAFLA made all of the loan payments, principals and interest to the bank and the appellants did not. Neither VAFLA nor the shareholder-guarantors treated the loan as constructive income taxable to the shareholder-guarantors.
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.
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
It was found that no, Good Year Tire & Rubber Company was not responsible for the “other cost and losses” of the Plaintiffs. Good Year was not obligated to pay the Plaintiffs since there was no agreement made for payment. The error that was found was bought to Good Year’s attention but the attorneys failed to agree on the correct amount.
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.
This case shows that the insurance company’s duty to deal in good faith does not extend to the plaintiffs who were not insured under the contract. Because there was no relationship with the insurer, the plaintiffs could not bring a direct action for bad faith against the insurance company to recover an amount in excess of the policy limits.
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
The court also found that the actions of Met Life violated a Georgia state law that requires insurers to pay beneficiaries any interest accrued on accounts between the time an insurance claim is made and the time it is paid in full.
"[a]n insurance company has a duty to act in good faith in settling claims and a breach of that duty will give rise to a cause of action by the insured." Pasipanki v. Morton, 61 Ohio App. 3d 184, 185, 572 N.E.2d 234 (1990) (quoting Bean v. Metro. Prop. & Liab. Ins. Co., 9th Dist. No. 13543, 1988 Ohio App. LEXIS 4275, 1988 WL 114464 at *1 (Oct. 26, 1988)). Gekko did not act in good faith to settle Vic’s claim against Donna, and their failure to do so enables Donna has a cause of action against Gekko.
Nick ryve’s was normal at least he thought he was but he was in injected with prehistoric DNA by his father. By his father a famous scientist but nick was small at the time. But the prehistoric cells over his life were attacking his cells. And he would get surge of emotions or strength and speed. And as his body felt weird and out of order what did he know. He was just a 14yr old boy and it seems like everyone knew he was not normal he felt like an outcast. His only friends were his neighbor jasik and his best friend Vladimir tod but I call him Vlad. Ugh I hear my clock going of beep, beep I hit the off button so it will shut up. I get out of my bed I fold the covers. I put on some jeans and a shirt. And brush my teeth drank some yoo-hoo ate some
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.