Plaintiffs concede jury awarded too much money in estate fight
Widow, children of executive claimed mismanagement of estate
JPMorgan Chase & Co. will probably face a judgment of no more than $90 million in a lawsuit claiming mismanagement of an estate that initially brought a jury verdict of $8 billion in punitive damages.
A Dallas jury in September awarded excessive punitives and duplicate actual damages, the widow and children of Max Hopper, a former American Airlinesexecutive, said in court filings.
Lawyers for Stephen Hopper and Laura Wassmer asked a Dallas probate court to limit punitive damages to them and their father’s estate to about $70 million, down from a total of $6 billion awarded by the jury. Hopper and Wassmer also asked for $3.9 million for losses and attorneys’ fees.