Racing Team Awarded $7.5 Million in Conspiracy Case

A Fairfax County jury has awarded Performance Motor Racing, LLC $7.5 million dollars in a conspiracy to injure business action. The suit arose from a sponsorship agreement between Scuderia Maranello Motorsports, Inc. and Performance Motor Racing, LLC to fund two Ferrari 550 Maranellos in the GTS class of the American Le Mans Series, and the 24 Hours of Le Mans. Performance Motor Racing is owned and operated by Dick Barbour under the trade name Dick Barbour Racing (visit his site here). The defendant, Arthur Verbin, president of SMM, refused to fund the sponsorship agreement after Barbour refused to change the driver of the second team car. The proposed driver, Richard Millman, had refused to participate in a capital protected bond fund organized by Evolution Management Group. Verbin was a principle of the Evolution Management Group. Angry over Millman's refusal to participate in the bond fund, Verbin argued that Millman should not be allowed to drive the second car during a November 28, 2001 meeting to discuss race team preparation. Verbin had already determined, prior to that meeting, that he would not fund the first payment called for under the sponsorship agreement. Performance Motor Racing incurred approximately $2.5 million dollars in damages to attain lost funding, to replace the team workforce, in expenses dedicated to replace the lost funding, and in the amount of assets sold to keep the team running. The award was trebled pursuant to Virginia Code Sections 18.2-499 and 18.2-500. Copies of those code sections can found here and here.

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