A Virginia county circuit court judge has set aside a guilty verdict in a customer lawsuit against Southern Financial Bancorp of Warrenton, Va., and ordered a retrial.
In a post-trial motion, attorneys for $430 million-asset Southern Financial had argued that the jury verdict announced Aug. 29 should be set aside because the damages award exceeded the states $350,000 maximum and was not justified by evidence presented at trial. The judge agreed.
Georgia Derrico, the banks chairman, said in a press statement that she is pleased with the decision.
We strongly believed that Southern Financial Banks management and employees acted properly, in accordance with loan agreements and other documentation, she said.