Judge Hits Plaintiff With Landmark $1.2M Sanction

Law360, New York (November 14, 2006, 12:00 AM EST) -- A state court judge in Tennessee has sanctioned a Florida real estate developer more than $1.2 million for improperly pursuing baseless claims with the intent of inconveniencing and inflicting financial damage on the defendants in a case the developer filed in 1999.

John Lucas, who represented defendant Wachovia Bank N.A., said that although it’s not rare for courts to impose monetary sanctions under Rule 11, the dollar amount of the sanctions imposed in this case made it unique, particularly for Tennessee.

“It’s the amount that’s unprecedented,”...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.