Opinion ID: 1997565
Heading Depth: 2
Heading Rank: 4

Heading: Nationwide's Financial Statements

Text: In connection with his claim for punitive damages, Devaney attempted to introduce excerpts from Nationwide's 1992 through 1994 financial statements. Devaney did not intend to call a witness to explain or interpret those financial statements. Instead he intended to argue that Nationwide's net worth could be derived by simply reading the financial statement extracts and subtracting the company's liabilities from its assets. Nationwide argued that, because it is a mutual company, its surplus cannot be equated with net worth. Without anyone testifying as to the meaning of the financial statements, Nationwide argued that they would be confusing and potentially misleading. In addition, Nationwide suggested that any issues with respect to its net worth could be resolved after a verdict, if the jury were to award punitive damages in an amount that bore no relationship to any compensatory damages. The trial court accepted Nationwide's argument in both respects and we find no abuse of discretion in this ruling.