Comerica Ordered to Pay More Than $50 Mill. to Masters - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Comerica Ordered to Pay More Than $50 Mill. to Masters

Posted: Updated:
BUTTE -

A jury finds Comerica Bank must pay more than $50 million to an office supply company after a nine day trial involving the two companies and the Butte Local Development Corp.

The lawsuit is a three player suit, including the Butte Local Development Corp, Masters Group International, and Comerica Bank.

According to court documents, in 2006 the B.L.DC entered a loan agreement with Masters, agreeing to loan the office supply company $200,000 to help move the company's headquarters to Butte.

The $200,000 loan was part of a financing package that included a $9 million loan from Comerica Bank to Masters.

Eventually, the $9 million loan fell through leaving masters without any money, unable to pay the B.L.D.C. back, and unable to function.

As a result, Masters is seeking more than $50 million from Comerica for the loan and damages.

"We ask you to please find Comerica liable," said Tim Strauch. "Please award the damages that we requested, and please find the liable for punitive damages."

"Come back in this courtroom and look Masters in the eye and say, "A deal is a deal," said Comerica attorney, Mark Stermitz.

As a result of the verdict, Comerica will pay Masters $52 million.

$41.5 million in compensatory damages and $10.5 million in punitive damages to punish Comerica for its alleged malicious conduct.

The Butte Local Development Corp will receive their original loan worth $200,000.

  • NationalMore>>

  • Floods force dramatic rescues in Phoenix area

    Floods force dramatic rescues in Phoenix area

    Wednesday, August 20 2014 4:34 AM EDT2014-08-20 08:34:00 GMT
    Workers at a farm saw hundreds of cactuses sweep away in a flood. Drivers on Arizona's main north-south freeway watched in shock as muddy waters submerged the road. Rescuers across the state rushed to save...
    Workers at a farm saw hundreds of cactuses sweep away in a flood. Drivers on Arizona's main north-south freeway watched in shock as muddy waters submerged the road. Rescuers across the state rushed to save people...
  • Latest Ferguson protests are smaller, more subdued

    Latest Ferguson protests are smaller, more subdued

    Wednesday, August 20 2014 4:23 AM EDT2014-08-20 08:23:56 GMT
    Police and protesters in Ferguson were finally able to share the streets again at night, putting aside for at least a few hours some of the hostility that had filled those hours with tear gas and smoke.
    Police and protesters in Ferguson were finally able to share the streets again at night, putting aside for at least a few hours some of the hostility that had filled those hours with tear gas and smoke.
  • Dan Sullivan takes lead in Alaska GOP Senate race

    Dan Sullivan takes lead in Alaska GOP Senate race

    Wednesday, August 20 2014 4:15 AM EDT2014-08-20 08:15:23 GMT
    A whistle-stop tour of the state in an RV. An endorsement from the second man to walk on the moon. Even one of the most polarizing figures in American politics found cause to weigh in on the state she used to lead.
    A tea party attempt to overcome a mainstream Republican appeared to be coming up short in Alaska as former state Attorney General Dan Sullivan took a primary lead in the fight to be the GOP candidate to take on U.S. Sen....
  • Most Popular

  • Most Popular StoriesMost Popular StoriesMore>>

  • Cobell Settlement Checks Could Be Mailed By Fall 2014

    Cobell Settlement Checks Could Be Mailed By Fall 2014

    Friday, August 15 2014 9:03 PM EDT2014-08-16 01:03:47 GMT
    The people in charge of doling out money in the Cobell settlement want to put checks in the mail by this fall.
    The people in charge of doling out money in the Cobell settlement want to put checks in the mail by this fall.
  • Police, Father Search for Missing Missoula Man

    Police, Father Search for Missing Missoula Man

    Tuesday, August 19 2014 2:03 PM EDT2014-08-19 18:03:46 GMT
    Missoula police help family members search for Monte Swanson, 24, a missing Missoula man who is known to hang out at transient camps.
    Missoula police help family members search for Monte Swanson, 24, a missing Missoula man who is known to hang out at transient camps.
  • Yellowstone Sees Two Deaths in Past Week

    Yellowstone Sees Two Deaths in Past Week

    Tuesday, August 19 2014 12:07 PM EDT2014-08-19 16:07:32 GMT
    Yellowstone National ParkYellowstone National Park
    Authorities identify the young girl, who died Sunday morning after falling into the Grand Canyon in Yellowstone National Park, as eight-year-old Zahra Allahyari.
    Authorities identify the young girl, who died Sunday morning after falling into the Grand Canyon in Yellowstone National Park, as eight-year-old Zahra Allahyari.
  • ABC Sit Down: Griz CB Josh Dennard

    ABC Sit Down: Griz CB Josh Dennard

    Friday, August 15 2014 8:00 PM EDT2014-08-16 00:00:47 GMT
    Shaun Rainey sits down with Griz Senior Cornerback Joshua Dennard to talk embarrassing moments on the football field, his love for talking, and Coach Delaney stories.
    Shaun Rainey sits down with Griz Senior Cornerback Joshua Dennard to talk embarrassing moments on the football field, his love for talking, and Coach Delaney stories.
  • Body of Missing Yellowstone Employee Recovered

    Body of Missing Yellowstone Employee Recovered

    Monday, August 18 2014 12:41 PM EDT2014-08-18 16:41:42 GMT
    The body of a 22-year-old missing Yellowstone National Park employee was recovered Saturday evening.
    The body of a 22-year-old missing Yellowstone National Park employee was recovered Saturday evening.
  • LSH Rams Set Sights on Class B Three-Peat

    LSH Rams Set Sights on Class B Three-Peat

    Tuesday, August 19 2014 12:26 AM EDT2014-08-19 04:26:16 GMT
    Over the past two seasons, the Loyola Sacred Heart Rams haven't lost a game, won two class B titles, and graduated nearly double digit college football players, but don't expect that talent level to drop off this year
    Over the past two seasons, the Loyola Sacred Heart Rams haven't lost a game, won two class B titles, and graduated nearly double digit college football players, but don't expect that talent level to drop off this year
  • Huson Man Killed in Alberton Rollover

    Huson Man Killed in Alberton Rollover

    Tuesday, August 19 2014 1:21 PM EDT2014-08-19 17:21:08 GMT
    Glacier National ParkGlacier National Park
    A 58-year-old Huson man died after he rolled his car on I-90 west of Alberton.
    A 58-year-old Huson man died after he rolled his car on I-90 west of Alberton.
  • Girl Dies in YNP Fall

    Girl Dies in YNP Fall

    Monday, August 18 2014 3:47 PM EDT2014-08-18 19:47:54 GMT
    Yellowstone National ParkYellowstone National Park
    A young girl died Sunday morning after falling into the Grand Canyon of the Yellowstone.
    A young girl died Sunday morning after falling into the Grand Canyon of the Yellowstone.
Powered by WorldNow

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2014 WorldNow and Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.