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[UPDATE--$62.7M in Punitive Damages Tossed Upon Appeal; $3.6M in Compensatory Damages Stands] American National Hit With $66M Jury Award

Update: In a Jan. 26, 2011 decision, the U.S. Court of Appeals, 10th Circuit reversed the district court's decision on the punitive damages portion of an award three American National Insurance companies were ordered to pay to Farm Bureau companies for unlawfully recruiting agents. The $3.6 million in compensatory damages...

By Phil Gusman | Updated on August 14, 2008

Update: In a Jan. 26, 2011 decision, the U.S. Court of Appeals, 10th Circuit reversed the district court’s decision on the punitive damages portion of the award. That award, initially $62.7 million, had been reduced to $3.6 million by the district court before being thrown out altogether by the 10th Circuit.

The $3.6 million in compensatory damages stands, and the 10th Circuit decision says American National “does not contest the jury’s finding of liability.” But the court says Farm Bureau “failed to present any evidence at trial of ‘additional aggravating circumstances’ that entitled it to punitive damages.” 

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