Word: shernoffs
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Dates: during 1970-1979
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...Shernoff, 41, describes himself as "a one-man prosecutor going around the country imposing fines and penalties on insurance companies for illegal conduct." He argues that punitive damages offer the only effective way to protect consumers from wrongdoing by insurers, since claims practices are not closely regulated. In all of 1978, Shernoff points out, the California Department of Insurance collected $7 million for 13,000 claimants; but in just two months last spring, Shernoff won awards and settlements totaling $3 million for 26 claimants...
...people with dubious claims to bargain companies into paying large settlements, which in turn are paid for by others in the form of increased premiums. Says William Adams, associate general counsel of Occidental Life: "People with unquestionable claims, and that's about 95%, are not benefited by ShernofF's activities. He should not be pounding the table claiming he's helping the consumer. He's hurting most of them...
Insurance men grudgingly admire Shernoffs courtroom mastery. Says one: "He can get a jury really worked up." Yet Shernoff, who grew up in Wisconsin farm country, has none of the slickness of the stereotypical, California personal-injury lawyer. Says he: "My English isn't the greatest, but I know what I'm doing: the little guy against the insurance giant...
With fees ranging from one-third to 40% of what damage payments he wins, Shernoff is understandably sensitive to suggestions that he and his clients are reaping windfalls. With the California Trial Lawyers Association, he is pushing for a bill in the California legislature that would allow judges to give 25% of whatever punitive damages are awarded in bad faith cases to any group or agency established as an insurance industry watchdog...
...Shernoff and the trial lawyers have also successfully lobbied against bills, backed by the insurance companies, that would sharply limit punitive damages...