Not only were they ordered to pay the money, they were also found to have intentionally injured the homeowners. The bank falsely reported to credit agencies that the homeowners had defaulted on their construction loans. However, Webster Bank plans to appeal the judgment.
The nine homeowners who did not settle out of court will each receive more than $125,000 as well as punitive damages of $250,000. Joe Recchie who was the developer will receive $9.9 million in punitive damages.
This is awful. I’m not even sure if the $250,000 makes up for the bank willfully trying to hurt the homeowners. A ding in your credit can cause a whole slew of issues that may cost people more than $250,000. I can’t believe the bank is still in business after this honestly.
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