An appellate court in Richmond, Va., has upheld a $10 million decision in favor of Hitachi Credit America in a fraud case against the former Signet Banking Corp.

Signet, which was bought by First Union Corp. of Charlotte, N.C., in 1997, was sued by Hitachi for its role as lead lender in a $350 million credit to a man who pretended to work for Philip Morris Cos.

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