Business Insurance reports that a jury in Oakland has ordered three AIG companies to pay $46 million in punitive damages, on top of $9.3 in compensatory damages. The plaintiff, Victaulic Co., sued the AIG companies for bad faith in connection with their response to third-party lawsuits against Victaulic in various states.
To our knowledge, no punitive damages award of this size has ever survived appeal in a California insurance bad faith case.
Full disclosure: Horvitz & Levy LLP represents AIG in several pending California cases
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