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Contracts Keyed to Dawson
Security Plans, Inc. v. CUNA Mutual Insurance Society
Citation:769 F.3d 807.
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Security Plans was in the business of selling insurance products, primarily credit life and credit disability insurance. In 2002, Security Plans agreed to sell its assets to CUNA. In order to do so, the parties created a plan to transfer Security Plans’ book of business to CUNA. On May 31, 2002, the parties entered into an Asset Purchase Agreement. CUNA agreed to pay Security Plans $3 million immediately plus a performance-based payment three-years after the merger’s completion. Three of Security Plan’s shareholders also entered into employment agreements with CUNA to assist with the transition. The merger was completed on January 2, 2003. From 2003-2005, CUNA carried excessively high claims reserves (money held in anticipation of future liabilities) increasing CUNA’s loss ratios. In 2006, CUNA began to release some of the claims reserves to compensate for the problem. However, the release of the claims reserves did not correct the reserves concerning Security Plan’s book of business thus affecting the earnout calculation. CUNA’s manager, Rich Fischer, claimed that he did conduct a revised calculation with more appropriate numbers, however, the additional earnout was negated by other contractually permitted deductions.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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