Business to fight $60M verdict - Salt Lake Tribune
An executive with American National Insurance Co. said Monday that his firm will challenge a $60 million verdict awarded by a Utah jury this month to a rival company in a trade secret suit over the defection of agents.
James Pozzi, senior executive vice president with the Galveston, Texas-based company, said the punitive damages verdict - which was based on a claim that American National poached Farm Bureau Insurance Co. agents in southern Utah and misappropriated that agency's trade secrets - is excessive. He added that his company is evaluating a "number of legal actions" to overturn it.
....
A trade secret lawsuit filed in U.S. District Court alleged that Darrin Ivie shared confidential information with American National while still working as a district manager for Farm Bureau's Zion's Cove agency. In addition, Ivie engaged in recruitment efforts that caused at least seven Farm Bureau agents and three recruits to leave the company to become American National employees, according to the lawsuit.
.... the federal jury on Aug. 8 awarded Farm Bureau $3,606,214 in compensatory damages. The 11 jurors also awarded punitive damages of $60 million against American National and its subsidiaries and $2.4 million against Gallacher.
Technorati Tags: trade secrets, verdict
Comments