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VIEWpoint Issue 2 | 2022
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Doeren Mayhew Shareholder, Lawrence A. Simon, was retained as an economic damages expert resulting in a $15.2 million award for NorthPointe Holdings LLC during its five year legal battle against Ohio-based Nationwide Mutual Insurance Company.
Read more about the litigation in our case study below.
Stemming from a 2007 purchase agreement, Doeren Mayhew’s client NorthPointe engaged Young & Associates to file a lawsuit against Nationwide in November, 2009. The plaintiff alleged the defendant breached their contract and misrepresented the purchase agreement. Conditions of the sale required the defendant to continue to promote NorthPointe’s funds for a period of time, however shortly after the sale the defendant created a competing fund and transferred NorthPointe’s funds to its own fund.
Based on the endorsement and recommendation of Young & Associates, NorthPointe engaged Simon as their economic expert. Simon and his team developed a comprehensive damages model relating to express and implied contractual breach of contract, along with damage claims for misrepresentation of the purchase agreement. Simon testified during the trial, which claimed damages of over $15 million.
After nearly five years of progression and a two week trial, the case came to a close in July, 2014. Judge Andrea L. Rocanelli of the Superior Court of the State of Delaware issued a written decision granting damages in favor of NorthPointe. The award totaling approximately $15.2 million was nearly all of the damages as presented by Simon during the trial.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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