Confidential
Settlement – $1,450,000Judge
Court
Clark County District, Nevada
Attorneys
Plaintiff
Defendant
Facts
Plaintiffs' decedent, a 40-year-old male, purchased a $2 million life insurance policy on June 11, 1994. The insured died of metastatic cancer on Jan. 19, 1996. Defendant insurer contested payment of the policy proceeds on the basis that decedent failed to disclose, in his application for insurance, the fact that he had laboratory tests showing an elevated liver enzyme. (It was undisputed that the cause of death was completely unrelated to the abnormal laboratory tests.) The plaintiffs who were the policy beneficiaries brought this action against the defendant insurance company based on breach of contract, violations unfair practice act, and tortuous breach of implied covenant good faith theories of recovery.
Settlement Discussions
The plaintiffs made a C.C.P. º998 settlement demand for $________. The defendant made a C.C.P. º998 offer of compromise for $_________.
Damages
The plaintiffs claimed in excess of $2 million in damages.
Other Information
The settlement was reached approximately one year and four months after the case was filed. MEDIATION: A five-hour mediation was held on Jan. 29, 1998, before the Hon. Jerry Carr Whitehead, retired, resulting in the reported settlement.
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