$1.4M
Banking Litigation
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Case Details
Jury verdict obtained for Citizens National Bank of Paintsville in a loan participation action against a West Virginia Bank for breach of contract.
Additional Notes
The case involved a West Virginia Bank that sold participations to Citizens, subsequently wired payoffs to Citizens, and reclaimed the participation interests Citizens had purchased. The jury award compensated Citizens for the income it lost when the participation interests were recalled by the seller. Federal Judge Karen Caldwell ruled that MCNB had breached its contracts with CNB and ordered a jury trial on damages only. The jury adopted CNB’s damages calculation and rejected MCNB’s mitigation-of damages defense.
More Results from Morgan Pottinger McGarveyThe results shown are not necessarily representative of all results obtained by this firm.
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