First American Corp. is chipping away at the damages awarded to rival Chicago Title in a lawsuit that claims First American lured a top manager away in violation of a noncompetition agreement. In January 2005, a jury awarded Chicago Title compensatory and punitive damages totaling more than $43 million, after a district court ruled that the manager breached that agreement and that First American was liable for "tortious interference." Last week, the 6th Circuit Court of Appeals reversed the jury's $32.4 million punitive damage award, and ordered a new trial on a $10.8 million compensatory damage award. Although First American's conduct may have been "malicious," Chicago Title maintained its dominance in Ohio's title insurance market, and was therefore not a "financially vulnera...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.