$10-Million Award Accepted in Firing
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Frank V. McCullough Sr., the Beverly Hills insurance executive fired by Sperry & Hutchinson Co. because he made too much money, agreed Friday to accept a $10-million court award rather than face a new trial of his civil suit against the Green Stamp company.
Jurors in January awarded McCullough $20 million in damages, but Los Angeles Superior Court Assistant Presiding Judge Jack E. Goertzen decided on Wednesday that the amount was “somewhat excessive” and cut the figure to $10 million.
The judge gave McCullough until 4 p.m. Friday to accept the lower amount or he would schedule a new trial.
McCullough, 64, sued Sperry & Hutchinson over his dismissal on April 14, 1978, as head of its then subsidiary, S & H Insurance Co., claiming that he was ousted because he earned lucrative bonuses based on a contractual share of profits. He now heads his own firm, Carlisle Insurance Co.
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