It’s one of the largest legal verdicts ever awarded, and its happened for a Memphis law firm. The Cochran firm has won a record $1.62 billion verdict in an insurance fraud case.
A Macon county, Alabama jury reached the decision earlier this month in the case against Southwestern Life Insurance Company. It concerned the sale and service of an insurance policy to plaintiff Carolyn Whitaker, who paid insurance premiums for years to an agent who no longer worked at the company. In fact, her policy had lapsed.
Attorney Jock Smith represented Whitaker in the case. He says, “The company took the position they knew nothing about this. But they continued to receive premiums for years on the policy and allowed it to lapse.”
Smith says he hopes the historic award will send a message to insurance companies that prey on the poor and disabled.