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What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
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United States | Publication | June 4, 2021
A former employee filed suit against Rite Aid and a supervisor in 2008 for wrongful termination. After a trial, and two retrials following subsequent appeals, a California Court of Appeals largely affirmed the jury's US$6M verdict against the defendants. On appeal, Rite Aid contended that interim earnings of the plaintiff should be deducted from the past economic damages award. The Court of Appeals agreed, rejecting plaintiff's argument that the interim earnings should not be an offset because the job she took after her termination was not substantially similar to the one she held at Rite Aid.
An employer can prove that a former employee failed to mitigate damages caused by termination by showing that plaintiff failed to make a reasonable effort to search for other work or that plaintiff turned down offers of comparable employment. The duty to mitigate damages is separate than the question whether actual interim earnings should be deducted from an economic damages award. The Court of Appeals held that the amount actually earned from other employment must offset the damages award, and reduced the jury's verdict by more than US$140,000. Surprisingly, the court's decision creates a conflict in the lower courts which the California Supreme Court may be asked to resolve.
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It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
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On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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