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NFL | McCrary to receive $33 million in fraud claim

Brent Jones, of The Baltimore Sun, reports former Baltimore Ravens DL Michael McCrary is expected to receive $33 million in damages for a fraudulent insurance claim involving a condo project in New Orleans as ordered by Judge Paul E. Albert Wednesday, June 25, according to Kenneth B. Frank, McCrary's lawyer. $15 million, which is one of the highest judgments on record, is in punitive damages, $16 million in compensatory damages and another $2 million came from prejudgment interest. McCrary, Stuart C. "Neil" Fisher and Edwards Giannasca bought a 45-story office building, which was going to be changed into condominiums called Crescent City Estates. Fisher and Giannasca, along with other entities, collected around $12 million in insurance money from the damage caused by Hurricane Katrina but told McCrary that the claim was denied. The partners sold the building and only gave McCrary $2 million of the $3.5 million he originally invested.

2008-06-26 13:31:01 | Source:

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