$100 million in punitive damages awarded for fraud against General Dynamics Corp.LOS ANGELES--(BUSINESS WIRE)--July 29, 1996--On Friday, July 26, a 12-member jury awarded $7.4 million in compensatory damages A sum of money awarded in a civil action by a court to indemnify a person for the particular loss, detriment, or injury suffered as a result of the unlawful conduct of another. and $100 million in punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. in a fraud and breach of oral contract suit in the matter of Forti and Blaton vs. General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. Corporation (Case No. KC 016 871) tried before the Hon. Chris Conway Chris Conway is a Gaelic football player from Laois in Ireland. He plays for the Arles-Kilcruise club. He usually plays at centre forward for Laois and in 2003 was part of the Laois team that won the Leinster Senior Football Championship title for the first time since 1946. in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Superior Court, Norwalk Division. The trial began July 11, 1996. Don Howarth, a partner with the Los Angeles law firm of Howarth & Smith, represented plaintiffs William B. Forti and Dolores Dolores (or Delores) was a common given name (until the 1960s in the USA); it is cognate with the English word "dolorous" (meaning sorrowful) and equivalent in meaning. Blaton. General Dynamics was represented by Linda Listrom with the Chicago law firm of Jenner & Block. Forti, Blanton and others entered into an agreement in 1990 with General Dynamics to start a new company, E-Metrics. General Dynamics represented and agreed that it would contribute funds and technology for the development of a neural network system, which emulates the brain in the way it processes information. In turn, the plaintiffs were to contribute their best efforts towards the development of E-Metrics, and would receive a specified equity interest in the company. However, undisclosed to plaintiffs, in 1992, General Dynamics sold E-Metrics along with other divisions of its Air Research Defense Systems to Hughes for a reported $500 million without compensating plaintiffs. This verdict brings the scales back to even. "This is an entirely just verdict," said Don Howarth. "The jury clearly understood the facts and law, and entered a punitive verdict which took away the fruits of the fraudulent transaction that General Dynamics engaged in. This was no run-away result." CONTACT: Communication Art Forms, Los Angeles Kathy Pinckert, 310/836-8355 |
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