(CBS) -- A major cab Chicago cab company filed for bankruptcy overnight, and it all has to do with a recent court case.
A jury awarded Marc and Debbie Jacobs almost $26 million following a life-changing crash back in 2005.
Marc Jacobs was in the back seat of a Yellow Cab on the way home from a client dinner when the driver lost control.
Jacobs, then a 44-years-old commercial real estate attorney, was severely injured, forcing him out of work.
The former Hinsdale couple sued the driver for negligence. Yellow Cab filed bankruptcy overnight, ultimately shielding themselves against the settlement.
"Yellow cab, we learned through the course of this case, is set up through a very complicated business organizational structure, this is just an attempt to circumvent liability," said Attorney Tim Tomasik with the firm Tomaskik Kotin Kasserman.
"If you're going to hold your brand out to the community and let the people rely on it, then you can't have it both ways," said Robert Clifford, senior partner of Clifford Law Offices Chicago. "You can't get us to buy into that and then run away from responsibility if something goes wrong."
Yellow Cab has been operating in Chicago since 1915. In a statement, the company says it plans to appeal the verdict. Despite filing for bankruptcy, they also say they'll continue to operate their 1,600 cabs in Chicago
The Jacobs family moved to California years ago so Debbie Jacobs could find work. Attorneys tells us - the bankruptcy filing now *delays* any payout the Jacobs family will receive.
for more features.