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.

  • Most Popular

  • Most Popular StoriesMost Popular StoriesMore>>

  • Counterfeit One Dollar Bills in Butte

    Counterfeit One Dollar Bills in Butte

    Wednesday, July 30 2014 8:09 PM EDT2014-07-31 00:09:41 GMT
    Some people in Butte discover the money in their wallet is fake. Andrew Jackson, Ulysses S. Grant, Benjamin Franklin, those are the faces you usually see on counterfeit money but George Washington? Now, that's rare.
    Some people in Butte discover the money in their wallet is fake. Andrew Jackson, Ulysses S. Grant, Benjamin Franklin, those are the faces you usually see on counterfeit money but George Washington? Now, that's rare.
  • Many Frustrated By Stalled Cobell Settlements

    Many Frustrated By Stalled Cobell Settlements

    Wednesday, July 16 2014 9:30 PM EDT2014-07-17 01:30:30 GMT
    In Congress Wednesday, the group in charge of doling out Cobell settlement claims says it's waiting on setting exact amounts and a judge's okay before making the rest of the payments.
    In Congress Wednesday, the group in charge of doling out Cobell settlement claims says it's waiting on setting exact amounts and a judge's okay before making the rest of the payments.
  • UM and MSU Broadcast Schedule

    UM and MSU Broadcast Schedule

    Wednesday, July 30 2014 4:11 PM EDT2014-07-30 20:11:45 GMT
    The 2014 University of Montana and Montana State broadcast schedule.
    The 2014 University of Montana and Montana State broadcast schedule.
  • Kalispell Airshow Announces Full Lineup

    Kalispell Airshow Announces Full Lineup

    Tuesday, July 29 2014 10:24 PM EDT2014-07-30 02:24:08 GMT
    The Kalispell chamber of commerce prepares for more than 30,000 people to come out this August to see the Thunderbirds, but that's not the only attraction.
    The Kalispell chamber of commerce prepares for more than 30,000 people to come out this August to see the Thunderbirds, but that's not the only attraction.
  • Ancient Genome Sheds Light On Prehistoric Man

    Ancient Genome Sheds Light On Prehistoric Man

    Thursday, July 31 2014 12:31 AM EDT2014-07-31 04:31:21 GMT
    The remains of a young boy buried in southern Montana more than 12,000 years ago is shedding light on the history of prehistoric man.
    The remains of a young boy buried in southern Montana more than 12,000 years ago is shedding light on the history of prehistoric man.
  • Montana State Prison Receives Accreditation for the Second Time

    Montana State Prison Receives Accreditation for the Second Time

    Wednesday, July 30 2014 12:20 AM EDT2014-07-30 04:20:16 GMT
    For the second time in Montana state prison's history the infirmary is being recognized as an accredited health care facility.
    For the second time in Montana state prison's history the infirmary is being recognized as an accredited health care facility.
  • Missoula Business Finds Niche in Treehouses

    Missoula Business Finds Niche in Treehouses

    Wednesday, July 30 2014 4:24 PM EDT2014-07-30 20:24:43 GMT
    For most of us, being able to walk out your back door and take off flying around your backyard, finally coming to a rest high in the trees-- only exists in our imagination.
    For most of us, being able to walk out your back door and take off flying around your backyard, finally coming to a rest high in the trees-- only exists in our imagination.
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.