A federal jury recommended Thursday that a French company involved in an illegal scheme to buy failed insurer Executive Life pay $700 million in punitive damages to the state of California. The jury ordered only punitive and not compensatory damages. U.S. District Judge A. Howard Matz will now rule on whether the jury's decision complies with federal law. In 2003, the U.S. Supreme Court limited punitive damages generally to no more than a 10-1 ratio of compensatory damages.
July 25, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal jury has recommended that a French company involved in an illegal scheme to buy failed insurer Executive Life pay $700 million in punitive damages to the state of California.
Jurors issued their recommendation Thursday after a week of deliberations. The jury ordered only punitive and not compensatory damages. U.S. District Judge A. Howard Matz will now rule on whether the jury’s decision complies with federal law.
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