Clark, Thomas & Winters Agrees to Pay Millions to Former Client – Minimal Impact, If Any, Expected to the Firm’s Future Insurance Premium
According to Mary Alice Robbins in an article for Law.com, on June 17, a Blanco County, Texas, grand jury indicted Bennie Fuelberg, former general manager of Pedernales Electric Cooperative (PEC), and Walter Demond, a former Clark, Thomas & Winters shareholder who represented the PEC for two decades. On June 18, Clark, Thomas & Winters agreed to pay the PEC $4.1 million to avoid a civil suit.
Ken Ferguson, a Clark Thomas shareholder in Austin and a member of the firm’s management team, noted that Clark Thomas’ legal malpractice insurance carrier agreed to participate in paying the settlement. What cannot be know is how much of the $4.1 million tab Clark Thomas’ legal malpractice insurance carrier will pay, nor who the insurance company was. While Ferguson is quoted as saying that the settlement will have a minimal, if any, impact on the firm’s future insurance premium, it is unclear if there would be other ramifications such as a reduction in policy limit, increase in deductible, additional coverage restrictions or exclusions.
There are any number of things you can do to procure comprehensive and cost effective insurance today even if you or your firm has had a legal malpractice insurance claim. For some of these ideas and other tools, concepts or other information about legal malpractice insurance, contact Bill Yates or Cary White at Presidio Point Insurance Services or look at our website at www.legalmalpracticeinsuranceservices.com. You may also contact us toll free at 1-800-355-1204.
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Cary White, President
Presidio Point Insurance Services Inc
1-800-355-1204 x 901
cwhite@presidiopoint.com
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