Texas Nonprofit's Ex-Head Told To Disgorge $5M

Law360, New York (June 8, 2009, 12:00 AM EDT) -- A Texas appeals court has upheld a jury's order that the former president of the board of directors at the Carl B. & Florence E. King Foundation disgorge $5.3 million in excess compensation he and other board members allegedly authorized for themselves, but has nixed the jury's $10.3 million in punitive damages.

The state's Third Court of Appeals in Austin, Texas, on Thursday denied Carl L. Yeckel's bid to dismiss the $5.3 million in disgorgement, as well as a trial jury's decision to null a lucrative...
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