Real Estate Co. Tells 9th Circ. Allstate Should Pay $3M

Law360, Los Angeles (August 3, 2011, 7:58 PM EDT) -- Metropolitan Business Management Inc. told the Ninth Circuit on Wednesday that a lower court erred when it denied attorneys’ fees and trimmed $1 million from a $3 million punitive damages award in the company’s successful breach of contract suit against Allstate Insurance Co.

The case, which is up on its second appeal to the Ninth Circuit, could set a precedent for the level of punitive damages that federal courts permit in bad faith insurance coverage denial cases.

“The real issue is whether Allstate will be deterred...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.