COURT UPHOLDS $175 MILLION IN DAMAGES AND PREJUDGMENT INTEREST BUT VACATES $36 MILLION IN LEGAL FEES AND $62 MILLION IN LIQUIDATED DAMAGES
publication date: Jun 6, 2004
Two surety bond companies appealed from a district court decision holding them liable for damages and interest under the performance bonds and ordering them to pay liquidated damages and attorneys' fees. In an 83-page opinion, the appeals court upheld the default terminations and the requirement for the sureties to pay, but vacated the liquidated damages ($62 million) and attorneys' fees ($36 million) portions of the award.
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