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.
Asset purchase agreement damages: 35,205,261
Commission and services agreement damages: 43,043,232
Recording Disclaimer: This proceeding was recorded in full.
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