Bank Execs' $1 Damages Over $440M Deal Is Fair: 10th Circ.

Law360, New York (January 9, 2013, 2:35 PM EST) -- The Tenth Circuit ruled Tuesday that First Tennessee Bank NA only owed former executives a nominal $1 in damages for failing to consider their input under a payment contract on a $440 million unit sell-off, finding the bank had not acted in bad faith.

In an unpublished decision, the three-judge panel affirmed that U.S. District Judge Philip A. Brimmer had correctly found that First Tennessee had not acted in bad faith when it negotiated a final payout from purchaser Nova Systems Inc. that was lower than...
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