Monday, June 13, 2016

$12.2 Million Judgment in Maybank v BB&T Affirmed

Last week the Supreme Court of South Carolina affirmed an award of $12,199,306 over the sale of variable prepaid forward (VPF) contracts. The SC Supreme Court Order is available here. The trial court's Order is available here. The jury had awarded $3.1 million in actual damages and $5 million in punitive damages. The trial court found the jury awards appropriate and that BB&T's conduct was willful and knowing and trebled the actual damages to $9.3 million. The trial court also awarded $2,899,306 in attorneys' fees and costs. The Supreme Court affirmed the award of actual damages, trebled and attorneys' fees but voided the jury's award of punitive damages. Craig McCann testified in the underlying trial on liability and damages and his testimony is discussed in both the trial court and Supreme Court Opinions.

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