Author: James B. Shearer
Date: 19:48:57 10/19/00
Go up one level in this thread
On October 19, 2000 at 21:43:10, Steven Schwartz wrote:
>On October 19, 2000 at 17:09:55, James B. Shearer wrote:
>
>> Why didn't you countersue?
>> James B. Shearer
>
>
>Since my insurance company was footing the bill for the
>attorneys, when the verdict was announced, I suggested
>that we should sue Fidelity for all the false claims,
>for all the lost business from not having Fidelity product
>to sell, for damaged reputation, on and on and on and on.
I was thinking of an immediate countersuit. Gives them more motivation
to settle.
>Problem is that the insurance company had no interest in
>suing Fidelity because they would not benefit no matter
>how much (if anything) we would win.
Perhaps they could recover their defense costs.
>They suggested to Fidelity that they were prepared to
>sue to retreive court costs, but they made a deal that
>they would not do so, if Fidelity agreed not to appeal
>the case.
>
>Of course, I could have chosen to countersue on my own,
>but spending tens of thousands or hundreds of thousands
>of dollars and wasting another 5 years of my life on the
>chance that I would win just was not all that appealing,
>and I knew that Sid would find some way to protect him-
>self from paying any judgment in my favor.
I am a bit confused here. Hadn't he sold Fidelity by then? So any
judgement would have been the responsibility of the new owners. For that matter
why did the new owners continue such an obviously frivolous suit and why didn't
the judge throw it out?
>So, I left the courtroom in Ft. Lauderdale with a big smile
>on my face and the knowledge that Fidelity must also
>have spent hundreds of thousands of dollars in attorney's
>fees to put us out of business and they failed.
Well they must have known you were insured so how could they hope to
put you out of business?
James B. Shearer
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