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Peyton Healey Part of $98 Million Bank Fraud Verdict

Categories: Attorney, Business Litigation, Latest News

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Powers Taylor, LLP congratulates Partner Peyton Healey and Co-Lead Counsel Derrick Boyd of Boyd Powers & Williamson on their $98 million-dollar verdict yesterday against BBVA Compass Bank and one of the bank’s officers in a banking fraud case. The allegations centered around BBVA Compass’ misrepresentations to Texas real estate developer David Bagwell and his companies about whether BBVA Compass intended to sell his real estate loans to a company owned by Toll Brothers, one of Mr. Bagwell’s competitors.  The Plaintiffs in the case claimed that the bank lied and told them that the bank did not intend to sell or transfer the real estate notes, which prevented Mr. Bagwell and his companies from obtaining new financing for the loans to move forward with his real estate development projects.  When the bank sold the real estate notes, Mr. Bagwell’s competitor quickly foreclosed upon the real estate developments, resulting in millions of dollars of loss to Mr. Bagwell and his companies.  At the conclusion of the week-long trial, the jury awarded the plaintiffs just over $98 million, including $40,000,000 in exemplary damages.