Federal Insurance Company, an insurer of CompUSA and that company’s former head James Hapin, filed a lawsuit in Dallas, Tex., in which the insuere stated it will not pay Halpin’s share a $454 million jury award in a breach of contact case. Federal Insurance is a unit of the Chubb Corporation.
According to a Reuter’s report, Federal Insurance maintained that CompUSA filed to provide notice regarding a court battle which resulted in the award until a week after the verdict had been handed down. According to that verdict, CompUSA, Halpin, and Mexican billionaire Carlos Slim (the owner of Grupo Sanborns, of which CompUSA is a part), were ordered by a Dallas jury to pay the $454 million to investor group, COC Service Ltd.. for breach of contract.
In its lawsuit, Federal Insurance stated as Halpin had been working in his own interest, as opposed to that of CompUSA, he was excluded from coverage.
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
Former Broker, Co-Defendant Sentenced to 20 Years in Fraudulent ACA Sign-Ups 
Preparing for an AI Native Future 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance 
Jury Finds Johnson & Johnson Liable for Cancer in Latest Talc Trial 
