Printer Friendly

APPELLATE COURT REVERSES$?12 MILLION JUDGMENT AGAINST INTERCONTINENTAL BANK

 MIAMI, Nov. 25 ~PRNewswire~ -- Intercontinental Bank, a Florida chartered commercial bank with its principal office located in Miami, announced today that in an opinion filed Nov. 24, 1992, the District Court of Appeal of Florida, Third District, has reversed a $12 million judgment against it. The judgment previously entered by a Dade County Circuit Court was in favor of DKH Properties, Ltd., a Florida limited partnership (DKH) and against Peninsula Federal Savings & Loan Association, which had been merged into Intercontinental Bank.
 The judgment, rendered in October of 1990, awarded DKH $11 million in compensatory damages and $1 million in punitive damages for the alleged breach of a loan commitment and various other alleged acts. In addition, the trial court declared that Intercontinental Bank's mortgage in the principal amount of $3.5 million, which was sought to be foreclosed in the action, was unenforceable.
 In its opinion, the Third District Court of Appeal instructed the lower court to enter judgment for Intercontinental Bank on several issues including the punitive damage claim and remanded the case for a new trial on several remaining issues. The claim by Intercontinental Bank for foreclosure was reinstated and also remanded for a new trial.
 The decision of the District Court of Appeal is not final until the time in which a petition for rehearing expires. Such petition may be filed by either party within 15 days of the order, and if such petition is filed, the decision is not final until the petition is disposed of. After the District Court of Appeal rules on the petition for rehearing if one is filed, a petition for further review in the Florida Supreme Court can be filed within 30 days.
 Management at Intercontinental Bank feels that its position that the original suit was without merit has been confirmed by this decision of the Third District Court of Appeal. This favorable decision will not have any impact on the company's 1992 results of operations.
 Intercontinental Bank, with total assets of $892 million as of Oct. 31, 1992 currently operates 21 branches, 12 in Dade County, eight in Broward County and one in Orange County, Fla.
 -0- 11~25~92
 ~CONTACT: Jack A. Furman, Esq., general counsel of Intercontinental Bank, 305-377-6969~


CO: Intercontinental Bank ST: Florida IN: FIN SU:

AW-JB -- FL007 -- 1573 11~25~92 14:40 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1992
Words:388
Previous Article:AAA MICHIGAN REPORTS EIGHT SKI AREAS OPEN; OTHERS 'IFFY'
Next Article:THE KING SELLS PLATINUM
Topics:


Related Articles
SECOND FAVORABLE COURT RULING FOR MAGNETEK
EXIDE ELECTRONICS WINS REVERSAL OF HENDRY JUDGMENT
Succession claim fails absent proof.
EXIDE ELECTRONICS GROUP, INC. REVISED ORDER ISSUED IN HENDRY LITIGATION
GLENDALE FEDERAL BANK COMMENTS ON APPELLATE COURT RULING
Filene Research Institute Study Finds That Pending Supreme Court Decision Will Affect 62 Million U.S. Workers
Coast Litigation Trust Announces Filing of Motion for Reconsideration.
CALIFORNIA SMOKER'S $25 MILLION VERDICT CUT BY MORE THAN HALF.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters