After a week long trial in Missoula County District Court, a jury announced a nearly $17 million verdict late Thursday night in favor of a Montana logging company and against its lender, First Interstate Bank.
Kelly Logging Inc. alleged that First Interstate took $762,000 out of its checking account to pay off a note that was current, was not due and had not matured. The jury found First Interstate liable for all of the claims against it.
The award includes $16,760,000 in punitive damages for misconduct and $286,550 in compensatory damages. Kelly Logging said in a news release it expects to also receive an award for significant legal fees and costs incurred by the company.
In a statement filed with the Securities and Exchange Commission on Friday, First Interstate said the award currently exceeds the Montana statutory cap on punitive damages, set at $10 million.
“The bank strongly disagrees with this unexpected outcome and intends to file appropriate post-trial motions and appeal the case to the Montana Supreme Court,” the statement read. Sara Becker, First Interstate’s advertising and public relations manager, said the company declines to discuss ongoing litigation.
From The Missoulian: https://missoulian.com/news/local/missoula-jury-awards-logging-company-m-from-first-interstate/article_9b250d0c-24ee-11e4-a208-001a4bcf887a.html