The Court of Appeals, in an unpublished decision, recently readjusted the judgment in the top jury verdict from 2010.
Ward, et al. v. Idsinga, et al. (MiLW No. 08-82942), originally tried in Kent County in November 2010, involved claims of wrongful and intentional interference with a company’s interest, and aiding and abetting in the improper sale of the interest at a fire-sale price.
In the case, shareholders of a reorganized LLC — a broker of repossession services — were sent letters purporting to ask them to consider and vote on a proposed transaction with another company. However, it was contended, the board of directors’ and shareholder consents had already been executed, rendering any vote meaningless.
As well, it was asserted, one executive had been threatened by another to push through the offer, claiming that there would be no value out of ownership in the LLC — when the LLC was actually worth more than defendants claimed it was.
It resulted in a $7,978,530 million jury verdict (read more about the case here), and plaintiffs’ counsel entered judgment at $9,246,448 (the maximum amount plaintiffs were entitled to recover against all defendants collectively).
In their appeal, defendants filed motions for directed verdict and judgment notwithstanding the verdict, or new trial concerning damages awarded on plaintiffs’ four tort claims.
The panel — Judges Stephen L. Borrello, David H. Sawyer and Deborah A. Servitto — found that defendants “were entitled to a directed verdict on plaintiffs’ claim of tortious interference with a business relationship or expectancy …,” and plaintiffs “are thus entitled to no damages on that count and that portion of the judgment awarding $383,500 on that claim is reversed.”
But the panel did find the trial court correct “in denying defendants’ motions with respect to plaintiffs’ remaining three tort claims,” which were aiding and abetting; tortious interference with bylaws; and civil conspiracy.
