Judgment Against Two BofA Units Is Reduced
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Two Bank of America Corp. units won a $43-million reduction in a July jury verdict, as a Texas state judge ordered them to pay $8.2 million to a debt-collection company for breaching an agreement to sell a debt portfolio.
A Dallas jury had ordered EquiCredit Corp. of America and SunStar Acceptance Corp. to pay New York-based Cavalry Investments $51.3 million, including $25 million in punitive damages.
Texas Judge Bruce Woody on Friday overturned all the punitive damages and the verdict on contract interference. Cavalry said it would appeal the reduction.
Shares of Bank of America rose 18 cents to $79.43 on the New York Stock Exchange.
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