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ARTICLE ID 43272

$________ - BREACH OF CONTRACT BY MEDICAL MALPRACTICE INSURER - FAILURE TO PAY CUMULATIVE PROFIT FROM FLORIDA BUSINESS.

Leon County

This was a breach of contract action brought against the defendant The Doctor’s Company, a Napa California based medical malpractice insurer. The plaintiff claimed that the defendant breached its contract to pay cumulative profits owed from the defendant’s takeover of a self-insurance fund which subsequently became insolvent. The plaintiff was the State of Florida Department of Financial Services which was named by the Court as Receiver of the insolvent fund. The defendant maintained that no profits were generated and, in fact, it had lost money on the take-over, therefore, it owed nothing under the contract.

The defendant, The Doctor’s Company, purchased Caduceus Self Insurance Fund, Inc., a declining Florida-based self insurance fund, in ________. The defendant planned, through this purchase, to enter the medical malpractice insurance market in Florida. The plaintiff argued that the contract between the defendant and the Caduceus Self Insurance Fund required the defendant to pay Caduceus the cumulative profit from the Florida business that the defendant gleaned from the takeover.

In ________, Caduceus was rendered insolvent and the plaintiff State of Florida Department of Financial Services was named by the Court as Receiver of the fund. The plaintiff claimed that the defendant failed to pay the cumulative profits due under the agreement and thereby breached its contract with Caduceus.

The defendant argued that it owned nothing under the contract because no profits were generated in the market subject to the contract.

After a two-day trial, the jury found for the plaintiff in the amount of $________ in cumulative profits, plus pre-judgment interest in the amount of $________, for a total award of $________. The case is currently on appeal.

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