A federal court jury in Los Angeles awarded Laffit Pincay and Chris McCarron about $4.5 million in compensatory and punitive damages Wednesday in the jockeys' lawsuit against their former business managers.
After deliberating for a day and a half, the jury awarded Pincay $2.9 million, $2.25 million of which was punitive damages. McCarron's award of $1.5 million included $1.27 million in punitive damages.
The defendants in the case were Vincent and Robert Andrews, brothers who had represented Pincay for 19 years and McCarron for nine. During that time, trial testimony showed, Pincay invested almost $1.7 million in numerous ventures and McCarron invested $759,000.
Judge William Matthew Byrne Jr. ordered the jury to remain for a hearing regarding the awards next Tuesday. Neil Papiano, the jockeys' attorney, declined to comment, but apparently the jury will have the option of increasing the awards should the members decide that the defendants violated racketeering statutes.
"The awards are unjustified and will not withstand a hearing and post-trial motions," Vincent Andrews said. "The punitive damages were shocking, and we plan to appeal. The judge refused to allow the jury to consider that Pincay and McCarron derived $1.8 million in tax savings as a result of their investments, and the investments themselves have a current value of $1.4 million."
Pincay and McCarron charged that the Andrews brothers invested their earnings improperly and charged excessive commissions.