Fatal Plane Crash Lawsuit Results in $15M Settlement

|

A wrongful death lawsuit against Morgan Stanley has resulted in a $15 million settlement for the family of one of the victims of a 2006 plane crash that killed all four people onboard.

An Illinois judge in Cook County approved the settlement last week between the family of Michael Waugh, 37, and Morgan Stanley. Waugh’s family claimed that Morgan Stanley and the estate of the pilot, Mark Turek, 59, were responsible for the plane crash.

The complaint alleged Morgan Stanley was negligent for allowing Turek, an amateur pilot who was an employee of the firm, to fly a personal plane to conduct company business. At the time of the accident, Morgan Stanley was the only financial firm that allowed employees to conduct business trips and fly around employees or clients in personal planes, according to Waugh’s family.

Hair-Dye-Cancer-Lawsuits
Hair-Dye-Cancer-Lawsuits

The plane accident occurred on Jan. 30, 2006, when Turek’s 1974 Cessna 421B crashed into a storage yard while on approach to Paulwaukee Municipal Airport. The National Transportation Safety Board determined that Turek reduced the speed of the plane too much on approach, causing the plane to stall and crash.

Turek was a senior vice president with Morgan Stanley, and Waugh was general manager and chief operating partner of Joe’s Seafood, Prime Steak & Stone Crab in Chicago. The two other passengers killed in the plane crash were Kenneth Knudson, the 61-year old founder of Sybaris, and Scott Garland, 40, a financial advisor with Morgan Stanley.

The settlement will award $6 million to Waugh’s widow, Lisa, and the remainder will be divided among their three sons.


0 Comments


Share Your Comments

This field is hidden when viewing the form
I authorize the above comments be posted on this page
Post Comment
Weekly Digest Opt-In

Want your comments reviewed by a lawyer?

To have an attorney review your comments and contact you about a potential case, provide your contact information below. This will not be published.

NOTE: Providing information for review by an attorney does not form an attorney-client relationship.

This field is for validation purposes and should be left unchanged.

MORE TOP STORIES

Women pursuing Depo-Provera meningioma lawsuits will have to provide documentary proof of their diagnosis and the versions of the birth control shot they received within 120 days of filing their case.
An Indiana woman has filed a Cartiva SCI implant lawsuit, indicating that the toe implant failed due to a defective design, resulting in the need for revision surgery and recommendations to permanently fuse her big toe.
Two California hair stylists filed separate lawsuits, indicating that repeated occupational exposure to toxic chemicals in hair coloring dyes caused them to develop bladder cancer.