Maybank v BB&T et al - $17.2 million Variable Prepaid Forward VPF Award
On November 10, 2014, a State Court in Greenville, SC ordered BB&T to pay the Plaintiff $17.2 million over the Bank's recommendation and sale of two variable prepaid forward contracts. This amount reflected $3.1 million in actual damages and $5 million in punitive damages awarded by the jury on June 30, 2014 after a two week trial. The Court found the Defendants' conduct in violation of the Unfair Trade Practices Act was "knowing and willful" and "reprehensible" and "that Defendants acted with malice, trickery, or deceit rather than mere accident," trebled actual damages to $9.3 million and awarded $3 million in attorneys' fees and costs. Dr. McCann testified at the hearing that the VPFs were high cost, opaque and not properly characterized in the presentations and provided testimony which the Court found fully supported the jury's award of damages.