Contracts Keyed to Kuney
In re: Dow Corning Corp., Bear Stearns Government Securities v. Dow Corning Corp.
Twenty-seven offended parties sued Dow Corning Corporation (Dow) (defendant), looking for recuperation for injuries coming about because of faulty breast implants manufactured by Dow. The parties gone into a settlement agreement, under which Dow consented to pay the offended parties an aggregate of $17,000,000 over several years in a series of installments. Dow likewise consented to pay $100 for every day that Dow was late in paying a specific offended party. This arrangement was at first proposed as a penalty provision, however, was portrayed in the final agreement as liquidated damages. Dow later petitioned for insolvency and quit making settlement installments. The offended parties sold their rights to the settlement installments to Bear Stearns Investment Products, Inc. and, related entities (Bear Stearns) (offended party). A long time later, the bankruptcy court affirmed a reorganization plan for Dow that included installment to Bear Stearns of the rest of the settlement measure of $13,000,000, in addition to interest of $9,600,000, however, did not consider the $8,750,000 that was asked for as liquidated damages. Bear Stearns appealed the denial of its liquidated damages to the district court. The district court entered summary judgment in favor of Dow, finding that the damages clause was an unenforceable penalty provision. Bear Stearns appealed.
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