Galyardt v. Specialized Loan Servicing CA4/2
Defendant and appellant Residential Mortgage Solution (the Bank) purchased a loan that was secured by a deed of trust on a house, which plaintiff and respondent Michelle Galyardt (Galyardt) owned. Defendant and appellant Specialized Loan Servicing (the Servicer) was the servicer for the loan. The trustee for the deed of trust foreclosed on Galyardt’s house. Galyardt sued the Bank and the Servicer (collectively, the Lenders) for intentional misrepresentation, negligent misrepresentation, and fraudulent concealment.
Following an 11-day jury trial, the jury found in favor of Galyardt on the intentional misrepresentation and negligent misrepresentation causes of action. The jury awarded the following damages: (A) $8,232.31 for economic damages; (B) $430,000 for past non-economic damages; (C) $480,000 for future non-economic damages; (D) $2,160,000 in punitive damages against the Servicer; and (E) $680,000 in punitive damages against the Bank.
Comments on Galyardt v. Specialized Loan Servicing CA4/2