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Fairfax Financial awarded $11M in damages from lawsuit against Exis Capital

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Fairfax Financial awarded $11M in damages from lawsuit against Exis Capital

Fairfax Financial Holdings Ltd. and its Crum & Forster subsidiary have been awarded $10.9 million in damages from a suit filed by Fairfax against Exis Capital, fund manager Adam Sender and former Exis Capital COO Andrew Heller.

The jury's verdict includes punitive damages of $3 milion against Exis, $2.25 million against Sender and $250,000 against Heller.

The lawsuit, which sought damages for alleged stock market manipulation involving Fairfax shares, was first filed in 2006. It was dismissed by a New Jersey state court in September 2012 with a judge ruling that the damages sought were not supported by New Jersey law.

In 2017, the case was reopened after an appeals court determined that the trial judge in 2012 had acted hastily without considering all the evidence.

Fairfax, a holding company, is engaged in property and casualty insurance and reinsurance through its subsidiaries.