A consultant who sued First Union Bank for starting a $2.4 billion business with his ideas has been awarded $276 million by a jury, in one of the largest legal judgements in Maryland history, according to an Associated Press report.
The report says the six-member Circuit Court jury took less than 30 minutes to agree with software company owner Scott Steele that First Union, now called Wachovia Corp., illegally used his software and processes in a subsidiary business created for processing online loan applications.
According to the wire, Steele was awarded $200 million in punitive damages and $76 million in compensatory damages.
Bank officials told AP they were stunned by the verdict and will seek to have it overturned.