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...
To view the full article, register now.




Case Information

Case Title

Citrus El Dorado LLC v. Stearns Bank et al

Case Number



California Central

Nature of Suit

Contract: Other


David O. Carter

Date Filed

December 11, 2009

Law Firms


Government Agencies

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.