Stearns Bank Denied New Trial Over Construction Loan

Law360, New York (December 6, 2011, 2:18 PM EST) -- A California federal judge on Friday denied Stearns Bank NA's bid for a new trial in a breach of contract suit brought by the developer of a $13 million project to build 29 luxury homes, saying the jury reasonably came to its $16 million judgment against the bank.

U.S. District Judge David O. Carter found that Stearns, which served as the successor in interest to Citrus El Dorado's project after the first two lenders failed, did not successfully show that its misstatements regarding the release of...
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