Fairfax Financial Holdings has been awarded $31 million in connection with an alleged scheme to depress the company’s stock price by depicting it as the “next Enron.”
On Monday, a jury in Morris County, New Jersey, awarded Fairfax Financial and its subsidiary, Crum & Forster, $5.4 million in compensatory damages and a $5.5 million punitive award, following a six-week trial against hedge fund Exis Capital Management and principals Adam Sender and Andrew Heller. The verdict follows a $20 million settlement reached Sept. 1 with another defendant in the case, investment fund Morgan Keegan & Co. of Memphis.