Bank’s time is money for plaintiff
Court upholds punitive damage award equal to one hour’s worth of Bank of America earningsThe S.C. Court of Appeals has upheld a $1.5 million punitive damages award against Bank of America after a Williamsburg County jury found the bank negligent for allowing a boy’s aunt to misappropriate life insurance proceeds from his father’s estate. Cody Powell stood to receive $252,000 in life insurance proceeds after his father’s death. The money was to be held in a conservatorship account overseen by his aunt and uncle. But Cody’s aunt, Karen P. Unrue, transferred money from an account she set up for Cody at Bank of America into her personal checking account. Cody’s guardian brought suit on his behalf against Unrue, his uncle Travis Powell and Bank of America. A Williamsburg County jury awarded Cody $205,735 in actual damages and $1,583,000 in punitive damages against the bank.
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Published: September 2, 2011
Time posted: 3:36 pm
Tags: Punitive Damages