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Posted at 1:45 AM ET, 12/17/2010

Mistrial in case of bank vs. lawyers

By Spencer S. Hsu
Washington Post Editors

A federal jury just couldn't decide between Wachovia Bank and the nation's trial lawyers.

U.S. Chief Judge Royce C. Lamberth of the District declared a mistrial Thursday after a jury could not reach a unanimous verdict, saying it was split 5 to 3 in favor of Wachovia, after five days of deliberation and an eight-day trial.

The American Association for Justice, formerly the Association of Trial Lawyers of America, filed a breach-of-contract lawsuit seeking $6.7 million in damages after Wachovia rescinded a promised $89.5 million loan, sought to finance the purchase of a new, 11-story office building at 777 Sixth St. NW in 2007.

The bank cited the impact of the subprime mortgage crisis.

The association, which planned to buy the building outright for $105 million, eventually bought it as a minority partner in a $123 million deal.

By Spencer S. Hsu  | December 17, 2010; 1:45 AM ET
Categories:  From the Courthouse, Spencer S. Hsu, The District  
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