A retired Akron businessman was awarded $4M by federal jury over a bank
The Davis Browkn Law Firm say in a press release that a jury found Heritage Bank of Spicer, Minnesota, guilty of fraudulent misrepresentation. As part of the verdict, John Lucken was awarded with $4 million in punitive damages, $500,000 for fraud, and $45,000 for a bank statutory violation committed by Heritage Bank.
Lucken, was asked in 2011 by a Heritage Bank loan officer to help Akron’s car dealership. The jury found that the loan officer intentionally gave false information to persuade Lucken into loaning $500,000 – half to settle a debt owed by the car dealership and half to “back up” the bank’s financing of the dealership. If those conditions were met, Heritage Bank promised that it would provide a loan to the car dealership to support the dealership’s continued operation.
While Lucken had agreed to help, the bank never loaned the funds to the car dealership . As a result, it failed and was forced to closed its doors.
“I’m glad a jury of my peers vindicated my actions and held the bank accountable for lying to me,” Lucken said.
Lucken was represented by Des Moines Davis Brown Law Firm.