A California jury has slammed three AIG insurance subsidiaries with $55 million in breach of contract and bad faith damages—including $46 million in punitives. The verdict followed a dramatic, if not bizarre, trial that saw the judge impose sanctions over AIG discovery shenanigans, while a key company witness took the Fifth Amendment to avoid perjury charges.
And the saga isn’t over. AIG (American International Group Inc.) faces a December criminal contempt trial over its handling of discovery. The judge already imposed more than $152,000 in sanctions against AIG for multiple discovery abuses, including an attempt to conceal non-privileged documents by including them on an attorney-client privilege log.
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