Florida court orders Duprey to pay US$60 M
(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.