As many of you may have read in an earlier posting, the State asked us to discuss settlement with them on February 9th and 10th in a formal process in front of a retired judge called “mediation”. We agreed to mediate the case and participated in good faith but, after two solid days of talks, the parties could not reach an agreement. Our goal is to protect the verdict for all of you and balance the risk of potential appellate court review of the trial court decisions and, ultimately, we felt the State’s position discounted the verdict and trial court decisions too heavily.
The next step for us happens this Friday, February 18th, when we enter judgment against the State for the $57 million verdict. This starts the process for the State’s deadline to appeal and also starts the clock running on the interest on the verdict. We will provide an update after that hearing on Friday.