Defense Verdict Returned for Client Bank in Lender Liability Lawsuit
Represented regional lending institution in a four-count lawsuit filed in the Circuit Court of Pulaski County, Arkansas, contending lender revoked an unqualified offer to lend a significant amount to an airplane refurbishment company. Following oral argument on the eve of trial, the Court granted the lender summary judgment on three of the four claims, leaving one count of promissory estoppel. After several days of lay and expert witness testimony, the jury returned its verdict in favor of the lender. The Supreme Court of Arizona later affirmed both summary judgment on the breach of contract, negligence and deceptive trade practices act counts, as well as the jury’s defense verdict on the promissory estoppel claim.
