Fairfax Financial Awarded $31M In Commercial Disparagement Case
Fairfax Financial has collected nearly $31 million in a suit over a stock manipulation scheme, after a jury entered a $10.9 million verdict against hedge fund Exis Capital Managment and two of its principals. Another hedge fund, Morgan Keegan, settled claims against it for $20 million.
October 16, 2018 at 05:25 PM
4 minute read
Fairfax baseball caps at a Fairfax Financial Holdings Ltd. annual meeting in Toronto. (Photo: Norm Betts/Bloomberg)On Monday, a jury in Morris County, New Jersey, awarded Fairfax Financial and its subsidiary, Crum & Forster, $5.4 million in compensatory damages and a $5.5 million punitive award, following a six-week trial against hedge fund Exis Capital Management and principals Adam Sender and Andrew Heller. The verdict follows a $20 million settlement reached Sept. 1 with another defendant in the case, investment fund Morgan Keegan & Co. of Memphis.
The suit by Toronto-based Fairfax Financial, the owner of a number of insurance companies, alleged that a group of hedge funds and analysts conspired to undermine confidence in Fairfax by disseminating false and misleading information about it to the company's employees, shareholders and creditors. It claimed the defendants manufactured false accounting and business problems relating to Fairfax and that they sought to instigate investigations by providing false information to regulatory agencies.
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