East West Bancorp in Los Angeles has been hit with a nearly $39 million in damages tied to a lawsuit from a borrower.
A jury awarded F&F LLC nearly $39 million in damages, including $22 million in punitive damages, in a Superior Court case. East West said in a regulatory filing that is will consider appealing the verdict.
East West disclosed that F&F is a borrower on a construction loan, though the company declined to comment further since the case has not been concluded.
The filing also disclosed that any amounts ultimately payable at the end of the litigation should be reduced by $5 million of damages previously paid to the plaintiff by a third party in related litigation that did not include the bank.