NEW YORK (AP) — A former mergers and acquisitions partner at a prominent law firm has been awarded hundreds of thousands of dollars in fees, costs, and interest in a disability benefits case against an insurance company.
Edward Chung, a former partner at Simpson Thacher & Bartlett LLP, recently won a lawsuit against Provident Life & Casualty Insurance Co. In addition to receiving $20,000 in monthly disability benefits, Chung has also been granted approximately $490,000 in fees, costs, and interest.
The decision was made by a Manhattan federal judge who found that Chung’s requested attorneys’ fees and costs of about $375,000 were reasonable and even lower than the calculated amount based on hourly rates and the extent of work done.
Furthermore, Chung is entitled to around $115,000 in interest on his disability payments, which was determined at a 9% rate over a three-year period.
The legal victory represents a significant win for Chung, as he sought and obtained both the disability benefits he deserved and additional compensation in the form of fees, costs, and interest.
Chung’s case highlights the importance of individuals fighting for their rights in disability benefits disputes. It also sheds light on the significant financial implications for insurance companies that fail to meet their obligations and provide appropriate compensation to policyholders.
The award serves as a reminder that insurance companies must be held accountable for their actions and fulfill their contractual duties in a fair and timely manner. By awarding Chung the requested fees, costs, and interest, the judge has sent a clear message that policyholders should not hesitate to pursue legal recourse when necessary.
In conclusion, Edward Chung, a former mergers and acquisitions partner at Simpson Thacher & Bartlett LLP, has been awarded approximately $490,000 in fees, costs, and interest in a disability benefits case against Provident Life & Casualty Insurance Co. This legal victory demonstrates the importance of standing up for one’s rights and holding insurance companies accountable for fulfilling their obligations.