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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.
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