Jefferson County jury returns $10.6 million bank fraud verdict

2009-04-05 22:45:58 (GMT) (JusticeNewsFlash.com - Business Litigation, Justice News Flash)

Wiki Image:BB&T to pay $10.6 million business fraud verdict

BBandT found liable for fraud against Louisville couple with the bank paying $10.6 million.

Louisville, KY (JusticeNewsFlash.com)–A Jefferson County, Kentucky, Circuit Court jury, in Louisville, returned a $10.6 million fraud verdict against Branch Banking & Trust (BB &T) on Monday. The jury verdict read before the court and judge presiding included $9 million in punitive damages against the bank for malicious conduct.

The business litigation lawyers representing the plaintiffs in the Bank of Louisville fraud case presented a strong case against bank officials and BB&T which acquired the Kentucky bank. The legal action, filed by the Thompson family lawyers, claimed the bank used false information to persuade the plaintiffs to consolidate numerous bank loans for their real-estate business into one mortgage held with the Bank of Louisville.

Apparently, BB&T committed fraud by convincing the Thompsons to enter a lending relationship through false representations. After the Thompsons agreed to the terms of the new consolidated mortgage, BB&T systematically destroyed their business by refusing to allow them to buy real estate. The Thompsons had been buying real estate for the past two decades as part of their business.

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