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Published Settlement: $15 million

What: Twin-engine Cessna 421B on approach to Chicago Executive Airport in Wheeling
Where: crashed into a storage yard
When: January 2006
Who: Michael Waugh ( general manager and chief operating partner of Joe’s Seafood, Prime Steak & Stone Crab in Chicago), Kenneth Knudson (founder of Sybaris), and Scott Garland (financial adviser at Morgan Stanley)
Why: Circuit Judge John Ward awarded $6 million to Waugh’s widow, with the rest being divided among the couple’s three young sons.

Wrongful death suiit: Morgan Stanley improperly allowed employees to fly personal planes to conduct business–a situation which other financial institutions prohibit.
Pilot Mark Turek, a Morgan Stanley senior vice president was charged with negligence.

George’s Point of View

Settlements are seldom published

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