DALLAS – A nearly four-year-old commercial dispute lawsuit pitting a luxury home developer against BBVA Compass bank recently ended with a Dallas County jury issuing a $98 million verdict, according to recent Dallas County District Court records.
The verdict, which was reached on Dec. 14 after a five-day jury trial, was in favor of David Bagwell, who sued BBVA Compass on Jan. 31, 2014 on allegations BBVA Compass and one of its executives sought to defraud him in the midst of loan renewal negotiations for three projects in Tarrant County.
Bagwell’s original petition asserted that BBVA Compass and Sam Meade, a vice president of the financial institution, repeatedly assured Bagwell, both in writing and orally, that commercial promissory notes would be extended as they had been in the past. The developer said he acted in reliance on these promises, but BBVA Compass was really attempting to transfer and sell the notes to interested third parties while denying to him that such conduct was occurring.
Broadband L.P. and Old Grove L.P. were Bagwell’s co-plaintiffs in the litigation, which was heard in the Dallas County 121st District Court.
Attorney Derrick S. Boyd of the law firm Simpson Boyd Powers and Williamson in the Dallas-Fort Worth Metroplex was the lead counsel for Bagwell while Jeffrey S. Seeburger of Kane Russell Coleman Logan in Dallas headed BBVA Compass’s defense.
Dallas County 121st District Court Case No. DC-14-0991