Bank Asks 9th Circ. To Junk $16M Verdict In Developer Row

Law360, Los Angeles (May 8, 2013, 3:44 PM EDT) -- Stearns Bank NA urged the Ninth Circuit on Wednesday to toss a $16 million judgment against it for allegedly breaching a real estate development contract, arguing that the trial judge gave faulty jury instructions that allowed the bank to be found liable for a federal agency's misconduct.

At oral arguments, James M. Harris of Seyfarth Shaw LLP, an attorney for Stearns, told a three-judge panel that it should not only vacate the judgment, but it should also enter an award in the bank's favor.

Stearns has...
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