Boston Team Prevails in Construction Loan Jury Trial, Secure Double Damages
Boston, Mass. (January 6, 2020) - Boston Partners Kenneth B. Walton and John T. Harding recently prevailed in a jury trial in Middlesex County Superior Court in Massachusetts on behalf of our client, a famed architect. The action arose out of a construction loan issued by a bank for an innovative “green” residential project developed by the architect. After funding the first phase of the project, the bank essentially froze the funding for the project for no stated reason and without disclosing to the architect that the bank was under a cease and desist order by the FDIC based upon its lending operations.
After an eight-day trial, the jury returned a verdict for the plaintiffs under the provisions of the Massachusetts Consumer Protection Statute, G.L. c. 93A. The trial judge then doubled the damages based upon his finding that the bank’s conduct was “knowing” or “willful.” The total judgment obtained by Ken and John to date exceeds $3.1 million. The plaintiffs will also be entitled to recover their attorneys’ fees and costs.