CRUM AND FORSTER REPORTS VERDICT IN MONSANTO SUIT
CRUM AND FORSTER REPORTS VERDICT IN MONSANTO SUIT BASKING RIDGE, N.J., March 6 /PRNewswire/ -- Crum and Forster, Inc.
(C&F) said today that a verdict was rendered against the company and several of its subsidiaries in a suit brought by Monsanto Company in state court in Marshall, Texas.
Monsanto alleged that the company and four of its insurance subsidiaries breached their duty of good faith and fair dealing and the Texas Insurance Code. Crum and Forster denied all charges and the suit was brought to trial in October 1991. C&F said that it continues to deny any wrongdoing, strongly disagrees with the jury findings as being contrary to the evidence and Texas law, and will vigorously pursue an appeal. In response to special interrogatories the jury made damage findings as follows: approximately $13.1 million, subject to trebling, in connection with claims-handling and alleged misrepresentation; approximately $13.1 million, subject to trebling, in connection with certain claims litigation; approximately $13.1 million for breach of the duty of good faith and fair dealing, and $50 million for exemplary damages. The actual damage award will not be known until the court enters a judgment in the case. No judgment is likely to be entered until a separate trial is held on Monsanto's request for attorney's fees. C&F contends that the three jury findings of approximately $13.1 million constitute the same element of damage and are not additive. Crum and Forster, Inc. is the property casualty insurance unit of Xerox Financial Services, Inc. -0- 3/6/92 /CONTACT: Andrew Letendre of Crum & Forster, 908-204-3758/ (XRX MTC) CO: Crum and Forster, Inc.; Monsanto Company ST: New Jersey, Texas IN: INS SU:
CK-KW -- NY042 -- 5918 03/06/92 14:12 EST
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|Date:||Mar 6, 1992|
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