The AmLaw Litigation Daily named Haynes and Boone, LLP Partner Anne Johnson “Litigator of the Week” for leading a Haynes and Boone appellate team that persuaded an appellate court to overturn a $110 million fraud verdict against BBVA Compass.
“Anne Johnson and her team persuaded a Texas appellate court to take the extraordinary step of tossing a jury verdict after the court found that the borrower plaintiff couldn’t establish the basic elements of his fraud claim,” the publication stated.
Below is an excerpt:
With the end of 2020 in sight, I think we could all use a good reversal-of-fortune story as we gear up for next year.
Thankfully, Anne Johnson of Haynes and Boone dialed up just such a turnaround for her client BBVA Compass this week. The lender was hit with a $98 million judgment including $50.5 million in actual damages and $40 million in exemplary damages after a 2017 trial in a case brought by David Bagwell, a residential land developer in Texas.
Bagwell’s lawyers had convinced a state court jury to hold the bank liable for fraud after loan officer Sam Meade told Bagwell that the bank wasn’t seeking to sell his past-due loans. The jury found that Bagwell had justifiably relied on Meade’s representations before the bank sold his loans to a national homebuilder, which foreclosed on the property underlying them.
Johnson, who was brought in post-trial, this week convinced the Fifth District Court of Appeals in Dallas to toss the fraud verdict, wiping away the judgment that had grown to more than $110 million with interest.
To read AmLaw's Q&A with Johnson, click on the PDF linked below: