On appeal, the district court's determination of punitive damages is reviewed under an abuse of discretion standard. However, the rules are such that "`technical precision is not necessary in stating grounds for the motion so long as the trial court is aware of the movant's position.'" For Bolt, it's thousands of day-to-day employees with mortgages, children in college, and tight budgets who . Your article was successfully shared with the contacts you provided. As Conseco headed into 1998, the company had a number of accomplishments under its belt. Several of these former Conseco employees resigned after receiving solicitations from North American. Importantly, though, Hilbert also searched for insurers that were inefficient and bloated with excess personnel. Conseco produced evidence that would allow a reasonable finder of fact to conclude that there was at least a threat of misappropriation of the trade secrets contained in these fourteen files. The proceeds from the sale of its finance unit are expected to be used to satisfy the creditors of Conseco Finance Corp., the company says. Consequently, we agree with the district court that the lead sheets and the information contained in Conseco's customer loan files constitute trade secrets within the meaning of the Missouri Uniform Trade Secrets Act.6. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. Ripoff Report | Conseco Finan Review - Rapid City, South Dakota Andrey knows everything from warm-up to hard workout. Conseco's mortgage service division originates residential loans for individuals in the "subprime" lending market, e.g. However, if you had any outstanding fees or charges, the bank can subtract those from your balance before returning it to you. You can explore additional available newsletters here. The company's net income increased 46 percent in 1992 to $170 million, and 75 percent in 1993 to $297 million. She sought to be compensated for her alleged role in Wendt's success at GE Capital. [citation needed], CNO Financial's CEO, Gary C. Bhojwani, joined the company in April 2016 as president and became CEO in January 2018. Conseco Finance Corp. will be split up and sold for a total of about $1 billion. We will not set aside the jury verdict unless there is a complete absence of probative facts to support the verdict. These documents contained information concerning Conseco's internal operations, including monthly retail point income reports generated by each Conseco office, reports ranking the retail volume by branch, reports of retail loans funded by region, financial summaries of each branch, expense ratio reports, expense analysis reports, expense analysis retail volume variance reports, and reports on credit insurance protection. Dont forget you can visit MyAlerts to manage your alerts at any time. Conseco Finance Corp. Company Profile | Saint Paul, MN | Competitors Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. 1997). Get a Conseco Finance Servicing Corp Lien Release [3 Steps] - DoNotPay Our content is intended to be used for general information purposes only. See Fed. It also moved much of its Lincoln subsidiary from Kentucky. Continued gains in the value of Conseco holdings combined with the success of CCP investments resulted in dynamic growth during 1990 and 1991. The company went on an acquisition binge, taking on a huge debt load that is now the basis of its plight. He was raised in a small rural community near Terre Haute, Indiana, and attended nearby Indiana State University. Lyn-Flex West, Inc. v. Dieckhaus, 24 S.W.3d 693, 697-698 (Mo.App.1999). State Farm, 538 U.S. at 425, 123 S. Ct. 1513 (citing Pacific Mutual Life Ins. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. Accordingly, we find no error in the submission, This figure is based on the net worth of North American Mortgage, a division of Dime Savings Bank of New York. Green Tree was best known, however, as the leading U.S. lender for mobile home purchases. Are you wasting your Amazon Prime benefits? It is undisputed that fourteen Conseco customer loan files were in Kattleman's possession after he resigned from Conseco. Indeed, as the insurance industry weathered record insolvencies, Conseco expanded its headquarters and opened an entirely new hub, the Conseco Annuity Center, in Dallas. Well GreenTree Financial went bankrupt and their accounts were taken over by Conseco Financial. Podner said he copied the files in order to aid an employee who wished to make the transition to loan originator. In 1998 Conseco diversified and moved into finance and lending by acquiring Green Tree Financial Corporation, the nation's leading lender of mobile home loans. So, we purchased a mobile home in 1997 and it was financed through Greentree Financial. Conseco Fin. Co., 333 F. Supp. It moved that concern's headquarters from Dallas to Carmel. Bet you are. In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes, in an attempt to diversify into consumer financial services. Federal law allows you to withdraw as much cash as you want from your bank accounts. Conseco Finance sold for $1B - Minneapolis / St. Paul Business Journal He is mainly involved in weightlifting. They also bought life insurance company Colonial Penn later that year, changing their name to Conseco Direct Life. Am., 408 F.2d 500, 503 (8th Cir. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash. Conseco is a Delaware financial services company with its principal place of business in Minnesota. Shortly after this employee exodus began, Conseco received a letter from one of its St. Louis branch customers, Michael Mambretti, complaining that his confidential loan information had been taken by a Conseco loan originator, from Conseco to North American. Flowers & Co. LLC, Fortress Investment Group LLC and Cerberus Capital Management _ offered to buy all of Conseco Finance. 2003). Id. Does Financial Buyer Mean Breakup of Conseco Finance? After nearly two years since its last acquisition, Hilbert raised $68 million in June 1989 to purchase National Fidelity Life Insurance Co. Stephen Hilbert demonstrated his confidence in the company by acquiring more than 638,000 shares in October 1999, pushing his total stake in Conseco to 10.4 million shares. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. Conseco is a Delaware financial services company with its principal place of business in Minnesota. ', As detractors waited for Conseco's money machine to disintegrate in the early 1990s, Hilbert clung to his original guiding principles. I understand you cannot get a hold of the previous mortgage company, obviously that cannot be done. Further, because the common law and the statutory elements of the claim remain the same, any resulting error would likely be harmless. Stat. Sign up to receive our free weekly newsletter. Walsh v. National Computer Systems, Inc., 332 F.3d 1150, 1158 (8th Cir. However, the Court also explained that when compensatory damages are substantial, "perhaps [a punitive award] only equal to compensatory damages" may be appropriate. Removing a Lien on a Bankrupt Financial Institution - The FICO Forums Id. Thus, because Conseco received a large compensatory award in this case-$3.5 million-in the "absence of extremely reprehensible conduct against the plaintiff or some special circumstance" the large exemplary award cannot stand unmodified. Well GreenTree Financial went bankrupt and their accounts were taken over by Conseco Financial. Principal Subsidiaries: Bankers Life and Casualty Company; Conseco Annuity Assurance Company; Conseco Direct Life Insurance Company; Conseco Health Insurance Company; Conseco Life Insurance Company; Conseco Life Insurance Company of New York; Conseco Medical Insurance Company; Conseco Risk Management, Inc.; Conseco Senior Health Insurance Company; Manhattan National Life Insurance Company; Pioneer Life Insurance Company; United Presidential Life Insurance Company; Washington National Insurance Company; Conseco Capital Management, Inc.; Conseco Variable Insurance Company; Conseco Fund Group; Conseco Finance Corp. Then, in May, Conseco paid $505 million to acquire Pioneer Financial Services, Inc., a provider of life and health insurance products. As the company approached its 21st year of operations, Conseco remained confident that it could successfully attain its goals&mdash provide middle America with a wide array of financial and insurance products and services. As stated in the company's 1993 annual report, 'Our operating strategy is to consolidate and streamline the administrative functions of the acquired companies, to improve their investment yield through active asset management and to eliminate unprofitable products and distribution channels.'.
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