When New York City billion-dollar hedge fund manager David Moradi decided to hang at The Cosmopolitan’s Marquee nightclub, he didn’t expect to end up suffering a traumatic brain injury. This is exactly what happened when an issue occurred over a $10,000 bill David racked up at the nightclub. According to his claim, the Marquee security “assaulted, battered and falsely imprisoned him” while they demanded his ID and credit card to confirm his signature on the paid bill.
Attorneys for the casino and nightclub claimed David head-butted the manager when confronted with the problem over his signature, which is why security was called. The defense also claims David didn’t suffer a brain injury or permanent damage during the incident.
The jury, however, saw it differently and awarded the hedge fund manager $160.5 million for past and future wages and is also set to decide punitive damages against the defendants. Due to the injuries, David claims he had to shut down his hedge fund, which earned him $11 million, and is unable to get work in his field.
The multi-million-dollar award in this case reflects the importance of evaluating security practices and training at casinos and nightclubs. It also underscores why having high General Liability insurance limits along with an Umbrella policy to extend these limits is critical to protecting the assets of these entities.