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...

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