A Los Angeles Superior Court jury has returned a multi-million-dollar punitive damage award against an investment firm co-founded by Republican gubernatorial candidate Bill Simon.
Simon was not personally named in the lawsuit.
Pacific Coin Management was awarded $65 million in punitive damages against William E. Simon and Sons. The jury also awarded $10 million in punitive damages against another firm.
The panel yesterday found William E. Simon and Sons L.L.C., B.R. Investors and other entities liable for fraud and awarded the plaintiff $22 million in compensatory damages. The lawsuit claimed the investors hatched a secret plan to take Pacific Coin public and in the process destroyed the company.
Simon called the jury´s decision “fundamentally flawed.”