Confidential
Settlement – $2,400,000Judge
Court
Ventura Superior
Attorneys
Plaintiff
Experts
Plaintiff
Stephen M. Zamucen
(technical)
Jim Carlson
(technical)
Kenneth Walheim
(technical)
Samantha A. Smith
(Aegis Law Firm PC)
(technical)
Facts
Two employees of Defendant insurance brokerage handled Plaintiff corporation's insurance program for 4.5 years, from 1986 to 1990. The employees were convicted of grand theft of at least $890,984 from Plaintiff and a total of $1,500,000 from all of the victims.
Settlement Discussions
Plaintiff contends it demanded $2,700,000 and Defendant offered $2,300,000.
Damages
Plaintiff contended that itemized damages were valued at $2,786,269 plus interest of $2,159,358; for a total of $4,945,627
Other Information
This case initially involved RICO claims. The Rico issues were dismissed based on the McCarran-Ferguson Act, 15 U.S.C. Section 1012(b). Plaintiff took an appeal to the Ninth Circuit Court of Appeals (in which Plaintiff won a unanimous decision reversing the USDC's dismissal). Defendants requested rehearing (denied). Defendants then filed a currently pending petition for certiorari to the U.S. Supreme Court (now moot, in light of the settlement).
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