The 5th U.S. Circuit Court of Appeals threw out all of the punitives--$138 million--in a $150.9 million jury verdict awarded in 1997 to a chain of discount clothing stores against Chase Manhattan Bank. The plaintiff, 50-Off Stores had charged Chase with conversion, contending that the bank had allowed a swindler to steal the company's stock and sell it. The July 1 ruling left an investor in the plaintiff's verdict with no chance of realizing a profit unless the ruling is reversed.
July 12, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. Court of Appeals for the 5th Circuit on July 1 threw out all of the punitives–$138 million–in a $150.9 million jury verdict awarded in 1997 to a chain of discount clothing stores against Chase Manhattan Bank.
The plaintiff, 50-Off Stores Inc., now known as Lot$Off Corp., is not the only party lamenting the elimination of the punitives. It also left an investor in the plaintiff’s verdict with no chance of realizing a profit unless the ruling is reversed.
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