7th Circ. Slashes 'Excessive' $3M Mishandled Loan Verdict

Law360 (November 27, 2019, 5:58 PM EST) -- A Seventh Circuit appeals panel on Wednesday pared back a $3 million punitive damages award won by a woman who claimed a mortgage servicer had mishandled her account, with the judges calling the award "excessive" but not letting the company off the hook completely.

Ocwen Loan Servicing LLC will have to pay $582,000 in punitive damages instead of the $3 million an Illinois jury awarded to Monette Saccameno last year, the appeals court ruled, saying the mortgage servicer's conduct was "reprehensible, but not to an extreme degree."

The three-judge panel said the six-figure punitive damages award, which is equivalent to the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!