11th Circ. Nixes $32M Verdict Against Southern Farm

Law360, New York (July 30, 2010, 7:43 PM EDT) -- A federal appeals court has overturned a jury verdict that found Southern Farm Bureau Life Insurance Co. liable for $31.7 million for defrauding former investors out of money they should have received from an earlier settlement.

The U.S. Court of Appeals for the Eleventh Circuit on Friday reversed the judgment that Southern Farm willfully committed fraud under both the Securities Exchange Act of 1934 and Florida common law. The appeals court held that the verdict could not stand because the lower court’s jury instruction was improper,...
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