Monday, April 25, 2011

BREAKING -- Judge Ungaro throws out Bank Atlantic verdict

Big big news at the close of a busy Monday -- Judge Ungaro has issued this well-written and researched 112-page order (also below) granting Bank Atlantic's post-trial motion for judgment as a matter of law. [HT:RR]

A jury back in November found Bank Atlantic officials misled shareholders on conference calls and awarded $2.41 a share to investors who bought the company's stock in 2007. If the verdict was permitted to stand, it would have been a tough hit for the bank, so this was a biggie.

Huge win for Gene Stearns and his team -- Adam Schachter, Cecilia Simmons, Grey Mead, and Andrea Nathan. I'm still digesting it, but the principal basis of the order was insufficient proof of loss causation and damages. In the event the order is vacated or reversed, the motion for a new trial was denied. I predict that the plaintiff's lawyer Mark Arisohn won't be getting much sleep tonight.

Judge Ungaro Throws Out Bank Atlantic Verdict


South Florida Lawyers said...

Pretty fascinating.

Anonymous said...

You will never digest it.

112 page for such an order is ridiculous and is a simply a sign of obfuscation. The jury decided.

Sounds like just another case of the courts doing whatever they can to help big banks ... look what that got us.

Anonymous said...

Heeey. A big WHO CARES! to all of you. I thought this blog was about real Federal cases where liberty is at stake. This blog blows.