Florida court or­ders Duprey to pay US$60 M

Stabroek News Sunday - - WORLD NEWS -

(Trinidad Ex­press) For­mer ex­ec­u­tive chair­man of CL Fi­nan­cial Lawrence Duprey was or­dered by a Florida judge in July to pay more than US$60 mil­lion to Bri­tish Amer­i­can In­surance Com­pany (BAICO) in dam­ages in re­la­tion to the TT$1.9 bil­lion Green Is­land project in Osceola County, Florida.

The in­surance com­pany had taken Duprey and one of its for­mer ex­ec­u­tives, chair­man Brian Branker to court claim­ing a breach of fidu­ciary du­ties on their part by al­low­ing it to pump bil­lions of dol­lars into the real es­tate trans­ac­tion which was ex­e­cuted by BAICO and Bri­tish Amer­i­can Isle of Venice in Jan­uary 2008 for the pur­chase price of US$295 mil­lion.

Duprey and Branker were or­dered by Judge Erik P Kim­ball of the United States Bank­ruptcy Court in the South District of Florida on July 31 to each pay BAICO US$61,318,225, a to­tal of US$122,636,450.

Court doc­u­ments stated that the com­pa­nies had pur­sued the land trans­ac­tion that re­sulted in a loss al­legedly ex­ceed­ing $100 mil­lion.

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