Subscribe
Summary
3-week jury trial in Broward County's complex litigation division.
U.S. Global claimed that it was entitled to receive a 20% commission for selling up to 50% of Progress Energy's interests in coal-derived synthetic fuel (synfuel) facilities, but was prevented from doing so. U.S. Global had negotiated its right with Florida Progress, before Florida Progress merged with Carolina Power & Light, which created Progress Energy. U.S. Global sought $103,423,215 in damages.
Progress Energy contended that U.S. Global was a non-exclusive broker, and that Progress Energy was entitled to sell its interest without U.S. Global's assistance, and was entitled to negotiate a brokerage agreement with another company.
The jury found that Progress Energy breached the asset purchase agreement, and U.S. Global suffered damages of $35,205,261. The jury also found that Progress Energy breached the commission and services agreement, and U.S. Global suffered damages of $43,043,232. The total damage award was $78,248,493.
Outcome
Asset purchase agreement damages: 35,205,261
Commission and services agreement damages: 43,043,232
- Plaintiff
- Defense
- Verdict
- $78,248,493
- Judge
- Jeffrey Streitfeld
- Jurisdiction
- 17th Judicial Circuit of Florida
- Court
- Judicial Complex
- Case Number
- 03-4028
- Industry
- Energy
- Practice Area
- Commercial Law, Energy Law, Mergers and Acquisitions
- Expert Witnesses
Sessions
Recording Disclaimer: This proceeding was recorded in full.