Hawthorne Savings v. Reliance Insurance Co. of Illinois
Published: Feb. 19, 2003 | Result Date: Jan. 17, 2003 | Filing Date: Jan. 1, 1900 |Case number: 9913119DT Verdict – $950,000
Judge
Court
USDC Central
Attorneys
Plaintiff
Defendant
Joan Marie M. Cotkin
(Pillsbury Winthrop Shaw Pittman LLP)
Facts
Hawthorne Savings and its former president were sued by a customer for fraud, and for allegedly interfering with a prospective business opportunity in a suit seeking disgorgement of profits from the bank, return of loan fees and punitive damages. Hawthorne settled the case on behalf of the bank and the officer for $700,000. All told, Hawthorne paid out $950,000 in excess of its deductible under its directors and officers liability policy.
Settlement Discussions
The plaintiff's final demand was $675,000; the defendant's Rule 68 offer was $250,000.
Damages
Out-of-pocket loss of $950,000.
Other Information
Motion for declaratory judgment is pending. Post-trial motions for judgment notwithstanding the verdict and for new trial is pending. Reliance is in liquidation and there is an issue whether the court had jurisdiction to try the case.
Deliberation
two hours
Poll
8-0
Length
3.5 days
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