Court Vacates $40.5M Punitive Damage Award Against Bank

The Pennsylvania Superior Court on Wednesday vacated and remanded for a new trial a case that had resulted in a punitive damage award of $40.5 million against CoreStates Bank. Judge Michael T. Joyce said the award can't stand both because of remarks made by the plaintiff's counsel during its closing argument and because the punitive damage amount itself violated the 14th Amendment's due process guarantees.

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