Business, Finance, & Economics: January 2010 Archives

Last Thursday, US District Judge Timothy M. Burgess issued an order for Avis Budget Car Rental LLC to pay Alaska Rent A Car $16 million in damages, following a jury verdict last October. Robert C. Halcro, a 54-year veteran franchisee, started his car rental business in 1955 in Valdez, Alaska.  His legal battle began in 2002 when Cendant Corporation, then parent to the Avis car rental franchisor, acquired and continued to operate competitor Budget Rent A Car. He alleged that the acquisition violated all three of his franchise agreements.

Judge Burgess said of franchise expert witness testimony "The court, having heard the testimony and the evidence presented at trial, independently finds that there was sufficient evidence to support the jury’s verdict.” 

For more, see bluemaumau.org.

Damage assessment experts may opine on the value of property damage:

The amount at which property is valued for purposes of recovery depends on whether the property may be repaired, or whether the property has been destroyed completely. If property may be repaired for a reasonable cost, compensatory damages will cover the costs of repair, as well as any consequential damages suffered in connection with the loss. If the property has been completely destroyed, or if the cost of repair is more than the fair market value of the property, compensatory damages may be limited to the property's fair market value. Fair market value is measured by the value of the property directly before the loss.

For more, see www.justia.com.

Damages experts may opine on these forms of recovery for property damage:

• Compensatory Damages. Compensatory damages are designed to place a victim in the position he or she would be in if the defendant's wrong had never occurred. Compensatory damages include the amount needed to replace or repair the lost or injured property, as well as any costs flowing from the injury (known as consequential damages). Consequential damages may cover the costs of interim replacement property (such as a rental car) as well as any lost profits resulting from the injury.
• Incidental Damages. Incidental damages compensate victims for various expenses incurred as a result of property loss. Incidental damages may include the costs of phone calls, shipping, transportation, etc.
• Punitive Damages. Punitive damages are not awarded to compensate victims for their losses, but rather to punish defendants and deter others from engaging in similar behavior. Punitive damages may not be awarded without compensatory damages and typically cannot exceed ten times the amount of compensatory damages. However, because punitive damages are intended to punish defendants, a jury may consider a defendant's total wealth when calculating a punitive damage award.

 

For more, see http://www.justia.com//.