July 21, 2009

Texas Jury Awards $145 Million in Punitive Damages

Law.com is reporting that a Texas jury has awarded $178.7 million, including $145 million in punitive damages, against NL Industries (a holding company) and its general counsel (who is personally liable for $5 million of the punitive damages). The Law.com story says the plaintiffs were minority shareholders in a subsidiary of NL Industries. They claimed they lost most of their investment when the holding company improperly stripped the subsidiary of its assets. Not suprisingly, NL is planning an appeal.