$4M awarded to retired Akron businessman by federal jury

Local News
courtroom_1523647930214.jpg

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. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss

Trending Stories