- 6 - against ITT for breach of contract, defamation of business reputation, and wrongful interference with business relationships. In relevant part, the counterclaim alleged that the Defendants had suffered: (1) $18 million in losses because they were terminated as general agent for ITT, (2) $7.5 million of compensatory damages and $30 million of punitive damages on account of defamatory statements published about them by ITT, (3) $30,000 of compensatory damages and $5 million of punitive damages because ITT had deceived the Defendants into signing the promissory notes underlying the $30,000 loan mentioned above, (4) $18 million of actual damages and $15 million of punitive damages because ITT had secretly met with many of the Defendants’ employees and had persuaded the employees to terminate their employment with the Defendants, and (5) $18 million of actual damages and $15 million of punitive damages because ITT maliciously persuaded the Ohio Department of Insurance to investigate the Defendants and to refuse to transfer the Defendants’ insurance licenses to other insurance companies. On or about February 1, 1987, the parties to the ITT Litigation settled the litigation by signing an agreement of settlement and mutual release (Release). Under the Release, the parties agreed to release all claims arising or which could have arisen in the litigation, and petitioner agreed to pay ITT $25,000. Midwest had been dissolved in 1983, and petitioner was the only one of the Defendants from whom collection was feasible.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011