August 8, 2018

$4 billion punitive damages award against JPMorgan Chase reduced to $945,000

When we reported on the jury's $4 billion punitive damages award in this Texas probate case, we noted that the wildly excessive award could not survive judicial review.  Sure enough, the trial judge reduced the punitive damages from $4 billion to $945,000, per Courthouse News Service

Even the plaintiff's attorney recognized that the jury went overboard, and voluntarily asked the trial judge to cut the punitive award to $7.8 million. In comments to to Courthouse News, the plaintiff's attorney said that he and his client completely respect the judge's decision to reduce the award.