The 9th U.S. Circuit Court of Appeals on Monday tossed out a $241 million award won by the state of California in a lawsuit stemming from the takeover of failed insurer Executive Life by French investors. The court ordered a new trial to recalculate the damages that Artemis SA, one of the investors, should pay the state. The case stems from California's 1991 takeover of Executive Life Insurance Co. after it failed.
9th Circuit Tosses $241 Million Award in Executive Life Suit
The Associated Press
August 26, 2008