Comerica Ordered to Pay More Than $50 Mill. to Masters - KFBB.com News, Sports and Weather

Comerica Ordered to Pay More Than $50 Mill. to Masters

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BUTTE -

A jury finds Comerica Bank must pay more than $50 million to an office supply company after a nine day trial involving the two companies and the Butte Local Development Corp.

The lawsuit is a three player suit, including the Butte Local Development Corp, Masters Group International, and Comerica Bank.

According to court documents, in 2006 the B.L.DC entered a loan agreement with Masters, agreeing to loan the office supply company $200,000 to help move the company's headquarters to Butte.

The $200,000 loan was part of a financing package that included a $9 million loan from Comerica Bank to Masters.

Eventually, the $9 million loan fell through leaving masters without any money, unable to pay the B.L.D.C. back, and unable to function.

As a result, Masters is seeking more than $50 million from Comerica for the loan and damages.

"We ask you to please find Comerica liable," said Tim Strauch. "Please award the damages that we requested, and please find the liable for punitive damages."

"Come back in this courtroom and look Masters in the eye and say, "A deal is a deal," said Comerica attorney, Mark Stermitz.

As a result of the verdict, Comerica will pay Masters $52 million.

$41.5 million in compensatory damages and $10.5 million in punitive damages to punish Comerica for its alleged malicious conduct.

The Butte Local Development Corp will receive their original loan worth $200,000.

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