LOS ANGELES, January 28, 2008 – Litigation partner Linda Dakin-Grimm and her team from the international law firm Milbank, Tweed, Hadley & McCloy LLP, have been recognized by the Daily Journal for their deft use of video deposition technology to obtain a $40 million jury verdict for PSM Holding Corp. The verdict, handed down after a five-week trial, was ranked among the Top Plaintiff Verdicts of 2007.
Ms. Dakin-Grimm, the only woman on the list recognized as a lead attorney by the Daily Journal, said, “Although this case was important because of the size of the judgment, it was my team’s comprehensive presentation that allowed the jury to fully consider and value the evidence we uncovered. We’re honored to be recognized by the Daily Journal for our victory in this case.” The Milbank associates who worked on the case were Los Angeles-based Patricia J. Quilizapa and Aluyah I. Imoisli, and New York-based associate L. Anthony Pellegrino.
Milbank represented New York-based insurance firm PSM Holding Corp. (“PSM”) in a lawsuit against Defendants Business Alliance Insurance Company (“Business Alliance”), its holding company National Farm Financial Corporation, and its Chief Executive Officer Larry P. Chao. Defendants agreed to sell Business Alliance to PSM, but backed out of the deal prior to closing. On the eve of trial, Milbank uncovered evidence proving that on the same day Defendants signed a stock purchase agreement to consummate the sale of Business Alliance to PSM, Defendants entered into an agreement with a broker to sell Business Alliance to a commercial bank.
The nine-member jury unanimously found that PSM would have realized $40 million in profits had its purchase of Business Alliance been completed, granting the entire amount to PSM.
After entertaining Defendants’ motions for a new trial and for judgment as a matter of law, the district court upheld the jury verdict and awarded an additional $3 million in attorneys’ fees and costs, on PSM’s motion for attorneys’ fees and costs pursuant to the terms of the stock purchase agreement.
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance, project finance, acquisition finance and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo and Washington, DC.