Jury Awards $26 Million to Farm Investors
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SACRAMENTO — A Superior Court jury has decided that 10 farming investors were defrauded by the Bank of California, and ordered the institution to pay $26.4 million in damages.
The panel’s decision last week culminated a five-month trial and 11 days of deliberations. “We disagree with the verdict and of course we’ll appeal,” said Joelle Yuna, a spokeswoman for the bank.
The investors claimed that the bank allowed their money to be used as collateral for various investments besides farming, in violation of an agreement.
According to investors, their money was used to purchase real estate and construction businesses, among other things, instead of being put into farming projects,
The investments were made through another business--California Land & Equipment Leasing Co.--for the bank, according to testimony.
The jury award included $4 million in compensatory damages, to reimburse investors for losses, and $22.6 million in punitive damages.
Superior Court Judge Cecily Bond said the jury amounts could change.
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