Punitive Damages

Recent Illinois Case: Goldfine v. Barack Ferrazzano Kirschbaum & Perlman

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The Illinois Supreme Court addressed malpractice damages arising out of the negligent failure to preserve an Illinois Securities Law Claim. The Court held that, had the lawyers properly preserved the Securities Law Claim, statutory damages would have been awarded. Thus, actual damages in the malpractice action included the statutory damages, such as interest and attorneys’ fees, that would have been awarded pursuant to the Securities Law Claim.

The Court rejected the defendants’ argument that such damages were barred by Illinois’ prohibition on awarding punitive damages against attorneys. The Court also held that interest should be awarded from the date of the purchase of stock through the date that the plaintiff settled the underlying claim, not through the date of the malpractice judgment. Finally, the court held that interest should be calculated before the underlying settlement is deducted from the malpractice damages.

Goldfine v. Barack Ferrazzano Kirschbaum & Perlman, 2014 IL 116362

(This is for informational purposes and is not legal advice.)

Los Amigos Supermarket, Inc. v. Metro. Bank and Trust Co., 306 Ill. App. 3d 115, 713 N.E.2d 686 (1st Dist. 1999)

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Los Amigos Supermarket, Inc. v. Metro. Bank and Trust Co., 306 Ill. App. 3d 115, 713 N.E.2d 686 (1st Dist. 1999)

Brush v. Gilsdorf, 335 Ill. App. 3d 356, 783 N.E.2d 77 (3d Dist. 2002)

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Brush v. Gilsdorf, 335 Ill. App. 3d 356, 783 N.E.2d 77 (3d Dist. 2002) (breach of fiduciary duty and legal malpractice duplicative; breach of fiduciary duty claim was within statutory bar on punitive damages)

Doe v. Roe, 289 Ill. App. 3d 116, 681 N.E.2d 640 (1st Dist. 1997)

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Doe v. Roe, 289 Ill. App. 3d 116, 681 N.E.2d 640 (1st Dist. 1997) (sex with client; breach of fiduciary duty controlled by principles of agency, contract and equity, not tort)

Safeway Ins. Co. v. Spinak, 267 Ill. App. 3d 513, 641 N.E.2d 834 (1st Dist. 1994)

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Safeway Ins. Co. v. Spinak, 267 Ill. App. 3d 513, 641 N.E.2d 834 (1st Dist. 1994)

Kennedy v. Grimsley, 361 Ill. App. 3d 511, 837 N.E.2d 131 (3d Dist. 2005)

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Kennedy v. Grimsley, 361 Ill. App. 3d 511, 837 N.E.2d 131 (3d Dist. 2005) (alleged misrepresentation was claim for legal malpractice)

Tri-G, Inc. v. Burke, Bosselman & Weaver, 222 Ill. 2d 218, 856 N.E.2d 389 (2006)

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Tri-G, Inc. v. Burke, Bosselman & Weaver, 222 Ill. 2d 218, 856 N.E.2d 389 (2006)