9th Circ. Orders New Trial For Stearns In $13M RE Row

Law360, Los Angeles (January 8, 2014, 7:17 PM EST) -- A Ninth Circuit panel on Wednesday reversed a $16 million breach of contract judgment against Stearns Bank NA and ordered a new trial for the suit, ruling the trial judge incorrectly instructed the jury that Stearns might be liable for Federal Deposit Insurance Corp. actions. 

In a memorandum opinion for a two-judge majority, the court found that U.S. District Judge David O. Carter made a “plain error” when he told jurors that Stearns “claimed” they were not liable for FDIC actions, instead of saying they were...
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