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Jury Orders Southern Farm To Pay Shareholders $32M

Law360 (March 23, 2009, 12:00 AM EDT) -- A jury has awarded $31.7 million to a group of former investors in Southern Farm Bureau Life Insurance Co. after finding that the insurance company defrauded the investors out of money they should have received from an earlier settlement.

Following a weeklong trial in the U.S. District Court for the Middle District of Florida, the jury found on Friday that Southern Farm willfully committed fraud under both the Securities Exchange Act of 1934 and Florida common law.

“These laws are made to protect people who don’t...
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