Assurant Solutions, a provider of specialty insurance, extended service contracts and other risk management solutions, reported that a state court jury in Tennessee has awarded its companies damages in a contract dispute with Progeny Marketing Innovations, a wholly-owned subsidiary of Cendant Corp.
Assurant Solutions, which is part of Assurant, said a Williamson County Chancery Court jury on Friday, Feb. 4, found that Progeny Marketing Innovations (previously known as FISI Madison LLC) of Franklin, Tenn., had breached a 2000 marketing agreement with the Assurant Solutions companies to jointly promote and underwrite certain customer appreciation products.
Assurant Solutions said that while the total amount of the judgment has not been determined, the jury awarded its companies $8 million for a reported violation of the Tennessee Consumer Protection Act, $15.12 million for breach of contract, $42.61 million for breach of fiduciary duty and conversion and $5 million in punitive damages. Certain additional equitable issues remain for disposition by the Court.
The company also stated that the verdict is subject to appeal.
The verdict ended a four-week trial that began Jan. 10, 2005 before Circuit Court Judge Timothy Easter.
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