Georgia Insurance Merger Firm M&A Wins Award Against Former Employee

August 5, 2009

Insurance industry merger consultant Merger & Acquisition Services, Inc. (M&A) reports that it has been awarded a $1.76 million judgment against a former officer of the company who kept M&A customer information and other property that he used to compete against his former employer.

The award was entered against Aaron N. Prisco of Atlanta, who was an employee of the Atlanta-based company until November, 2003.

As part of the judgment, the Judge Thomas N. Davis, Jr. awarded M&A and its founder, David Schofield, $500,000 in punitive damages and stated that Prisco “showed willful misconduct and specific intent to harm” Merger & Acquisition Services.

The $1.76 million judgment also included M&A’s attorney fees and litigation expenses of $320,000.

“We absolutely agree with Judge Davis’ ruling,” said Jason C. Murgio, principal of M&A. “We’re pleased with the significant damages awarded.”

The award of damages follows a Dec. 10, 2007 order by Judge Davis, resulting in a default judgment against Prisco. The court found that Prisco “concealed evidence, destroyed evidence and made false statements about such evidence” showing “a blatant contempt for this court and a fundamental disregard for the judicial process.”

The court’s order of 2007 further stated that Prisco’s conduct was in “extreme bad faith” and the spoliation, or destruction, of evidence was a species of fraud. Prisco’s actions “were an egregious attempt to ‘hide the ball’ and a flagrant discovery violation,” the order stated.

Prisco left M&A in November of 2003. The original lawsuit and claims were filed in 2004. The court found Prisco willfully destroyed evidence during 2005, leading to the 2007 default judgment and the $1.76 million award in 2009.

The judgment was filed in the Superior Court of Gwinnett County in Georgia on July 22.

M&A has offices in New York City, Atlanta, Hartford and will soon open one in Bermuda.

Topics Mergers & Acquisitions Georgia

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