Courtroom trials can be expensive, time consuming and at times nasty. However, when you witness the claim of Maurice R. Greenberg, the Mega rich plaintiff is what comes in the mind. In the year 2008, there was not a single capital associated with American International Group. Greenberg was the chief executive of this very company. At the threshold of collapsing, if the company had declared itself bankrupt, the money it would have received would be much less than rescue package offered by the Government later.
A magnificent case of plaintiff! For those of you unaware with regards to the same, a plaintiff is a party or an individual who files a lawsuit by filing a complaint.
The procedure followed with this respect is:-
- The plaintiff files a complaint against the defendant. The court is requested to send a summon to the defendant.
- This is followed by the Defendant requiring giving an answer within a period of 20 to 30 days. There is the clause of a statute of limitation or a default judgment in accordance with the reply filed by the defendant.
- The defendant can at the same time counterclaim against the plaintiff.
- This is followed by Discovery, wherein both the parties to gather information about each other via interrogatories, depositions and documents.
- Then a jury trial or a bench trial is initiated.
- The final step is the judgment.
- The losing party can however, still file for a new trial by an appeal to the court.