Arbitration; Executive Compensation; Employment Contract
After the plaintiff-patient had agreed to a multi-million dollar lump sum settlement with multiple defendants, the insurers of the various medical providers who had caused his permanent paralysis mutually agreed to retain Keegan Federal to chair a three-member arbitration panel to decide what percentage of the total lump sum settlement should be paid by which insurer, by allocating the percentage of fault among the various medical providers. The parties presented their case in only two days, thereby avoiding what would have been a very expensive two-week trial. The panel rendered its decision in only two hours. The companies involved saved themselves tens of thousands of dollars in attorneys' fees, and avoided the risk of an unpredictable jury verdict.