Announcement

Following a two-week trial, Foran Glennon shareholders Matthew Ponzi and John Eggum achieved a complete defense verdict in a lawsuit by a large developer against a market of insurers that issued builder’s risk insurance policies for a $57 million construction project. The 11-building-project was built on the coast near Ventura, California and was plagued with mismanagement and construction errors. The insurance claim – arising from a pervasive mold condition that occurred at the project site due to faulty and defective workmanship – presented an exposure in excess of $13 million. On Friday, August 22, 2025, a Los Angeles jury unanimously found that no breach of contract occurred and nothing was payable to the developer by its insurers. These findings also amounted to a rejection of the assertion that the denial of the claim was in bad faith.