Emigrant Hit With $10M Fee In $2M Contract Suit Loss

Law360, New York (December 1, 2009, 2:36 PM EST) -- Emigrant Savings Bank will have to pay Metavante Corp. nearly $10 million to cover litigation costs stemming from a $2 million judgment in a contract dispute Metavante won earlier this year.

In a ruling Friday, Judge J.P. Stadtmueller of the U.S. District Court for the Eastern District of Wisconsin found that the software development contract at the center of the dispute clearly stated that the party that lost in litigation would be forced to pay for the litigation costs.

“Here, the language of the outsourcing agreement,...
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