29 Apr 2023 07:27:58 It is apparent that North American developed the theory raised in their Rule 50(b) motion only after the jury's verdict because it (1) failed to object to the general-verdict form, (2) offered no jury instructions explaining Missouri's difficult proof standard for lost profits, and (3) made no substantive objection to the damage instruction. Furthermore, Conseco takes reasonable steps to ensure the secrecy of these files. Most persuasively, North American contends that the "exacting" nature and quality of proof needed for recovery of lost profits in Missouri required Conseco to prove net profits by introducing evidence "of the cost and expense of operating the business during these periods." It's hard to . The parties proceeded to a trial on the merits for these issues. We agree with the district court's observation that North American's "reprehensible" actions involved management, and were "widespread and systematic, spanning six or seven offices and involving numerous groups of employees." Although many insurers suffered severe setbacks during the U.S. recession and experienced staggering declines in the value of their portfolios, Conseco swelled its asset base to $11.8 billion and doubled its workforce to almost 1,100. [14], In 2015 February, CNO Financial sold its Hyderabad-based India operations to Cognizant.[15][16]. Im going TO SAY THIS IN BIG BIG LETTERS.. __________________________________________________. After considering Conseco Finance Servicing Corporation's (Conseco's)1 unfair competition and tortious interference claims against North American Mortgage Company (North American), a jury returned a verdict against North American on each of the claims and awarded Conseco $3.5 million in actual damages and $18 million in punitive damages. It is clear to us that Conseco derives economic benefit from this information. However, he speculated that as many as ten of these former Conseco customers could have switched their business to North American. The Green Tree acquisition stirred up numerous questions, including whether Conseco had too much debt and whether Green Tree, which had a past of dubious accounting practices, was growing too rapidly--25 to 30 percent a year--and providing loans to high-risk borrowers. Finally, we turn our attention to the punitive damage award and consider the three distinct challenges raised by North American-whether the award was (1) against the weight of the evidence, (2) in violation of due process, and (3) grossly excessive. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Green Tree was Conseco's first acquisition not related to insurance, and it was also the largest of Conseco's acquisitions--Conseco reportedly paid about $6 billion in stock for Green Tree. Co., 866 F. Supp. Counsel who presented argument on behalf of the appellee was David G. Wasinger of St. Louis, MO. We are further convinced that North American's net worth was not the sole consideration in the jury's punitive award. Hilbert had an unusual background for a chairman of a major financial institution. Odds are they may even be the same title company that US Bank is using for the new proposed refinance as well. This page is not available in other languages. North American competes for individuals in the same market. Finally, we can read about how these great companies came about with Company Histories.. The winning bid is subject to Judge Carol A. Doyle's approval at a Friday hearing in Chicago. Another of North American's witnesses, Perry Schatz, testified only five percent of Conseco's leads result in a funded loan. The Title Company involved (god I hope there is one involved) will pull their old deal file and figure out what went wrong. At the end of 1996 Conseco made two more acquisitions--American Travellers Corp. for $880 million and Transport Holdings, Inc., for $228 million. Entering 1992, the company was valued at over $800 million. By the end of the year the company's asset base had increased to $102 million. Falling stock prices did not completely hinder Conseco, and in 1999 Conseco acquired three health insurance marketing companies with plans to form a new subsidiary dedicated to supplemental health insurance distribution. Conseco Inc., Carmel, Indianapolis, has sold its finance subsidiary, Conseco Finance Corp., in a Chapter 11 sale that culminated March 5 in a winning bid of $1 billion. Your situation isn't that uncommon, mortgage companies go out of business all the time and title companies are used to dealing with issues like these. In 1995 Conseco formed a new division, Conseco Global Investments, and purchased the remaining shares of CCP. Because Conseco's performance contrasted so sharply with that of most of its competitors in the early 1990s, many analysts were skeptical. It turned out to be a bad deal for Conseco, and they were forced to sell to GE Capital in 2003. Conseco Fin. Upon emergence from Chapter 11, Conseco will be engaged exclusively in the insurance business, the company says. Who bought GE Consumer Finance? At the preliminary hearing, Bristol testified that he and the other Conseco employees were put on the payroll of North American on June 30, 2000, for "benefits purposes," and that they did not work for both companies at the same time. After only two years of college, however, Hilbert became restless. The deal proved disastrous after mobile home loan defaults and delinquencies piled up as the economy soured. However, Conseco's headquarters remained in Carmel, and Hilbert planned to sustain his active management role there. I understand you cannot get a hold of the previous mortgage company, obviously that cannot be done. Unsubscribe at any time. It purchased Bankers National Life Insurance Company for $118 million, respectively. Emmenegger v. Bull Moose Tube Co., 324 F.3d 616, 619 (8th Cir. As stated so eloquently-and simply-by Judge Posner of our sister circuit, "punitive damages should be proportional to the wrongfulness of the defendant's actions." Well, Conseco took over the accounts from Greentree and then Conseco went Bankrupt as well, which was acquired by DiTech. Conseco also asked that North American return all of the information that it had acquired from Conseco's former employees.

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