Reinsurer Ordered to Pay Auto Insurer $921,450 in Liquidated Damages

ST. LOUIS — A Missouri federal judge has awarded the provider of auto finance and insurance (F&I) products $921,450 in liquidated damages in an action in which it accused the owner of an F&I reinsurer of breaching an exclusivity provision in the parties’ dealer capital advance agreement (DCAA).

In an April 17 order, Judge Matthew T. Schelp of the U.S. District Court for the Eastern District of Missouri also awarded Axiom Product Administration Inc. $79,135.70 in attorneys’ fees and $5,354.14 in legal expenses to Axiom for work performed by Greensfelder, Hemker, & Gale PC, and $874,107.70 in attorneys’ fees and …