Texas Jury Slaps RBC With $21.5M Verdict Over Failed Trade

Law360, Dallas (March 13, 2013, 3:29 PM EDT) -- A Dallas jury on Wednesday awarded $21.5 million to Highland Capital Management LP, finding a Royal Bank of Canada unit had breached a distressed debt sale agreement when it pulled out of a securities trade and owed Highland the benefit of the bargain.

In a 10-2 verdict, the jury found RBC Capital Markets LLC and Highland had agreed to the essential terms of a trade to sell seven promissory notes with a face value of $45.4 million for 52.5 cents on the dollar, making it an...
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