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14.5 Million Dollar Jury Verdict Awarded Against State Farm Insurance
Firm News/Indiana |
2011/07/04 00:01
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A six-week trial in Hamilton County Court ended yesterday afternoon with the award of a $14.5 million jury verdict for Joseph Radcliff and his restoration company, CPM Construction of Indiana, against State Farm Insurance.
State Farm had filed suit for insurance fraud and RICO (Racketeer Influenced and Corrupt Organizations) claims against Radcliff and CPM.nbsp; The case arose out of work done by Radcliff and CPM following the April 2006 hailstorm.nbsp; Radcliff and CPM’s allegations were that after State Farm received negative publicity in the Indianapolis media for denying hail damage claims, State Farm made unfounded claims of fraud against Radcliff and instigated the filing of felony charges against him.nbsp; Those charges were dismissed by the Marion County Prosecutor, but the negative publicity resulted in Radcliff’s personal reputation and business being destroyed.
Not only did the jury find that State Farm’s claims against Radcliff were baseless, but they also found that the Radcliff’s allegations of being defamed by State Farm were true. The jury ordered State Farm to pay Radcliff $14.5 million.
Radcliff was represented by Will Riley, lead trial counsel of the law firm Price Waicukauski amp; Riley, LLC along with attorneys Joe Williams, James Piatt and Jamie Kendall of the same firm and Mark McKinzie, Partner in the law firm Riley Bennett amp; Egloff LLP.
Riley stated, “It was a tribute to the American jury system that one man can take on the largest insurance company in the nation and win.”nbsp; McKinzie agreed, stating “This sends a strong signal to Bloomington, Illinois that Hoosiers will not put up with this sort of conduct.” Radcliff commented “I am grateful to those who believed in me and helped me get the true facts before the jury and to the jury for giving me, and my failed company, justice.”
Price Waicukauski amp; Riley, LLC is a law firm known for its representation of clients in complex litigation. Riley Bennett amp; Egloff, LLP is a law firm known for advising and representing businesses and their owners in various litigation matters. |
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Law school enrollment in Missouri lags as legal jobs dry up
Topics |
2011/07/03 00:02
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Missouri law schools expect fewer students in the fall after several years of significant enrollment growth both regionally and nationally.
The St. Louis Post-Dispatch reported this week that the University of Missouri's flagship campus in Columbia has received 17 percent fewer applications this year. Applications at Washington University dropped 13.3 percent, while St. Louis University is seeing a nearly 20 percent decline.
A national group that tracks law school enrollment says that applications are down more than 10 percent overall compared to this time last year.
The economic downturn means that law school graduates can no longer count on landing lucrative jobs straight out of college. The declining interest comes one year after many schools reported record enrollment.
The stories about the legal market have certainly dampened some people's enthusiasm, said Paul Pless, assistant dean for admissions and financial aid at the University of Illinois at Urbana-Champaign College of Law. Applications at Illinois are down nearly 8 percent so far this year.
Melissa Hamilton, 35, is a recent University of Missouri law school graduate still looking for a job. She's applied for a few government positions but is waiting until she passes the bar exam before making a stronger push. She's also looking into jobs where she could also use her master's degree in social work. |
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BofA Near $8.5B Deal to Settle Big Investors' Claims
Law Firm News |
2011/06/28 22:17
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Bank of America Corp. is close to finalizing a deal to pay $8.5 billion to settle claims by a group of investors that the bank sold them poor-quality mortgage-backed securities that went sour when the housing market tanked, according to a person familiar with the settlement talks.
The Charlotte, North Carolina, bank was continuing talks late Tuesday with the group, which includes the Federal Reserve Bank of New York, Pimco Investment Management, the world's largest bondholder, and Blackrock Financial Management. It is expected to announce an agreement as early as Wednesday, the person said on condition of anonymity because the matter was still developing.
The deal comes eight months after the group fired off a letter to Bank of America demanding that it repurchase $47 billion in mortgages that its Countrywide unit sold to them in the form of bonds. The investors have argued that Countrywide's practice of modifying loans found to have faulty paperwork or those written outside of normal underwriting standards breached signed agreements with the investors. By continuing to service bad loans rather than speeding up foreclosures, the group has claimed that Countrywide ran up servicing fees, enriching itself at the expense of investors. The New York Fed is involved because it took over assets held by American International Group Inc., which faltered under the weight of bad home loans that it insured.
Bank of America, which paid $4 billion for Countrywide in 2008, has dismissed suggestions that its handling of loan modifications and other efforts to prevent foreclosure have violated the terms of the mortgage-backed securities that the investors hold. In November, CEO Brian Moynihan said he was in day-to-day hand-to-hand combat with investors' demands. |
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JJ recalls more Tylenol Extra Strength pills
Headline News |
2011/06/28 12:17
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Johnson amp; Johnson on Tuesday announced another Tylenol recall due to a musty moldy odor linked to a trace chemical.
The company's McNeil Consumer Healthcare unit is recalling one product lot of Tylenol Extra Strength Caplets made in February 2009 and distributed in the U.S. The recall totals 60,912 bottles, each of which has 225 caplets.
McNeil said it has received a small number of reports about the pills' odor, which has been linked in past Jamp;J recalls to the presence of trace amounts of 2,4,6-tribromoanisole. TBA is a byproduct of a chemical preservative sometimes used on shipping pallets.
Besides causing an unpleasant odor, TBA has been associated with temporary and non-serious gastrointestinal symptoms.
Since September 2009, New Brunswick, N.J.-based Johnson amp; Johnson has had about two dozen recalls of prescription and nonprescription medicines, replacement hips, contact lenses and diabetes test strips, including tens of millions of bottles of children's and adult Tylenol and Motrin.
The reasons have ranged from metal and other contaminants, to nauseating odors and packaging issues. Joint replacement systems so painful they required corrective surgery were also recalled, as were contact lenses that irritated eyes, along with potentially contaminated syringes full of the antipsychotic drug Invega. |
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Wis. Gov: Supreme Court needs to resolve discord
Headline News |
2011/06/27 13:33
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Gov. Scott Walker took the state Supreme Court justices to task Monday, saying their infighting has to end for the sake of public confidence in the court. His comments came after a liberal member of the court accused a conservative justice of putting her in a chokehold — a charge he has denied.
Speaking on WTMJ radio, Walker said that regardless of a person's political beliefs, there's got to be confidence that the people on the court can rationally discuss and debate issues.
Justice Ann Walsh Bradley told the Milwaukee Journal Sentinel that Justice David Prosser tried to choke her during an argument in her office on June 13, the day before the court handed down a decision upholding a new law eliminating most public employees' collective bargaining rights. Walker had pushed the polarizing proposal, saying state and local officials needed more flexibility to deal with the state's deficit and coming budget cuts.
Dane County Sheriff David Mahoney said in a statement Monday that his office has opened an investigation into the incident at the request of Capitol Police Chief Charles Tubbs, who had jurisdiction because the argument took place in the state Capitol.
Tubbs said in a statement he asked the sheriff to handle the matter after consulting with members of the Supreme Court. He did not elaborate, and a spokeswoman for the agency that oversees the Capitol Police didn't immediately respond to a message. |
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Citigroup ex-VP arrested in NYC on fraud charges
Court Watch |
2011/06/27 13:33
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A former Citigroup vice president embezzled $19.2 million from the bank in a one-man inside job involving a series of secret money transfers, federal prosecutors said Monday.
Gary Foster, 35, of Englewood Cliffs, N.J., surrendered Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was released Tuesday on $800,000 bond after appearing in federal court in Brooklyn to face bank fraud charges carrying a maximum penalty of 30 years in prison.
Foster had been traveling in Southeast Asia when he received word of the case, defense attorney Isabelle Kirshner said after the court appearance.
As soon as he became aware they were looking for him, he voluntarily contacted the FBI and arranged to return, Kirshner said.
Officials at Citigroup Inc. — where Foster was vice president of the treasury finance department until quitting in January — said in a statement that they were outraged by the actions of this former employee and hoped to see him prosecuted to the full extent of the law.
Foster used his knowledge of bank operations to commit the ultimate inside job, U.S. Attorney Loretta Lynch said in a statement.
According to a criminal complaint, Foster's department financed loans and processed wire transfers within Citigroup. From May 2009 through the end of last year, Foster siphoned funds from various Citigroup accounts, placed them in the bank's cash account and then wired the money into his private account at another bank in New York, the complaint alleged.
In one November 2010 transaction, Foster wired $3.9 million from a Citigroup fund in Baltimore to his New York account, the complaint says. That fraudulent transfer and seven others went undetected until a recent internal audit, it said. |
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