(Download) "New York Life Insurance Co. V. Miller" by Texas Court of Appeals * eBook PDF Kindle ePub Free
eBook details
- Title: New York Life Insurance Co. V. Miller
- Author : Texas Court of Appeals
- Release Date : January 24, 2003
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
This case involves a dispute between two life-insurance agents over a large commission. Michael Coffey, an agent of New York Life Insurance Company, was asked by financial advisors of the CEO of Mary Kay Cosmetics to help implement a complex set of estate-planning transactions that included a "split dollar conversion" of a $10 million New York Life term policy. This transaction generated a large commission for Coffey. Phillip Miller, another New York Life agent, was the permanent servicing agent on the policy. Both Miller and Coffey were obligated under their respective contracts with New York Life to follow the rules for client contact. Miller alleged that, although Coffey did eventually contact him about his work on the policy, Coffey violated the rules by failing to contact him as soon as he began to work on the conversion. Miller sued New York Life for breach of its contract with him and for negligent misrepresentation; he also sued Coffey for tortious interference with Miller's contracts with New York Life. The claims were submitted to a jury, which returned a verdict in Miller's favor. The court rendered judgment on the verdict awarding Miller $38,236.67 on his contract claim and $100,000 on his negligent-misrepresentation claim, both against New York Life, and awarding him $38,236.68 in compensatory and punitive damages against Coffey. The trial court denied New York Life's motions for judgment notwithstanding the verdict, new trial, and remittitur. On appeal, New York Life and Coffey challenge the legal and factual sufficiency of the evidence. We hold that the evidence is legally insufficient to support the findings that New York Life breached its contract with Miller and made a negligent misrepresentation, and the finding that Coffey intentionally interfered with Miller's contract with New York Life. We reverse the trial court's judgment and render judgment that Miller take nothing on his claims.