MIAMI - Intercontinental Bank said a state appeals court has reversed a verdict against the bank in a 1990 lender liability case.

The earlier ruling, in Dade County Circuit Court, awarded $11 million in compensatory damages and $1 million in punitive damages to DKH Properties Ltd., a partnership that claimed a loan commitment had been breached.

The loser in that case was Peninsula Federal Savings and Loan Association, which Intercontinental Bank acquired.

Florida's Third District Court of Appeals in Miami reversed the lower court's judgment on tort and punitive damage claims, which will not be retried, the bank said.

Issues related to breach of contract and a $3.5 million mortgage foreclosure claim by the bank were remanded to the lower court for rehearing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.