Power Rogers & Smith Tops Chicago Lawyer Annual Settlement Survey for the Fifth Consecutive Year
On October 1, 2014, Chicago Lawyer published the results of its 2014 Annual Settlement Survey. The Annual Survey is based on a compilation of the settlements reported to the Jury Verdict Reporter from July 2013 through June 2014 that equal or exceed $2 Million. The 2014 Settlement Survey included 110 settlements totaling $807 million.
Power Rogers & Smith settled 20 cases in excess of $2 Million for a total annual settlement achievement of $137.57 Million on behalf of its clients. This number exceeds the next closest firm by more than $53 Million.
The largest settlement achieved in 2014 on behalf of an individual entity was handled by partner Devon C. Bruce. The case settled for $40 Million and involved the embezzlement of over $53 million from the City of Dixon, IL by then-city treasurer, Rita Crundwell. Mr. Bruce brought the action on behalf of the City against several accountants and accounting firms for the negligent performance of the annual City audit and as the failure to report irregularities in the personal tax returns of Rita Crundwell. Mr. Bruce also alleged that the defendant Fifth Third Bank violated numerous commercial accounting standards in the banking industry, thereby contributing to the prolongment of the embezzlement scheme.
One of the top settlements in Cook County included in this year's settlement was handled by Power Rogers & Smith partner Thomas G. Siracusa. The case involved a 48 year-old woman who passed away after being exposed to excessive radiation when hospital staff negligently input data into equipment being used to provide her stereotactic radiosurgery. As a result of the improper radiation dosage, the Decedent suffered radiation necrosis of her brain and encephalopathy.
Partners Joseph A. Power, Jr., Todd A. Smith, Larry R. Rogers, Jr., Joseph W. Balesteri, and associates Sean M. Houlihan, Carolyn Daley Scott, Jonathan M. Thomas, and Kathryn L. Conway also achieved multi-million dollar settlements on behalf of their clients, which were also featured in the Survey.