Facts

F&F LLC and 618 Investment Inc. brought a lawsuit against East West Bank.

PLAINTIFFS' CONTENTIONS:
F&F alleged that it entered into contracts with East West for the development of certain real property located in Rancho Cucamonga. F&F further alleged that East West breached those contracts by, among other things, failing to extend the maturity date of a loan and failing to apply borrowed funds correctly. Plaintiffs also alleged that East West breached its fiduciary duty to plaintiffs and made intentional misrepresentations to plaintiffs in regards to the development of the property.

Result

The case went to trial and the jury found in favor of F&F and against East West on the claims for breach of contract, breach of fiduciary duty, false promise, concealment, intentional misrepresentation, and negligence. The jury found against F&F on the claim for negligent misrepresentation. The jury also found in favor of East West Bank and against 618 Investment on all claims. For each claim F&F prevailed on, the jury awarded F&F $13,890,610 for out of pocket losses and $3,024,000 for loss of appreciation in the land. However, as to the damages for negligence, the jury found East West 70 percent liable and plaintiffs 30 percent liable. Finally, the jury awarded F&F $22,000,000 in punitive damages.

Other Information

FILING DATE: June 1, 2011.