$52M Awarded by Montana Jury in Lawsuit Against Bank
A Montana jury has awarded an office supply manufacturer $52 million in its lawsuit against its former bank.
Masters Group International Inc. sued Comerica Inc. after the bank reneged on a November 2008 agreement to delay collection of a $10.5 million line of credit while Masters negotiated another credit line that required it not be in default with Comerica.
The lawsuit began when the Butte Local Development Corp. sought to recoup a $200,000 loan it made to Masters Group in 2006. Master’s brought Comerica in as a third-party defendant.
Dallas-based Comerica says it may appeal Friday’s verdict.
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