Steele Software Systems Corp. v. Wachovia Bank

Ronald Jay Drescher

Practice Area:Litigation

Outcome:$40 million compensatory damages and $200 million punitive damages (the punitive damages, but not the compensatory, were ultimately vacated on appeal)

Description:I initiated this case as lead counsel and ultimately helped create the team that brought this major commercial litigation to a stunning conclusion. This was a breach of contract case concerning the performance of title and appraisal services by a vendor of a major national bank. Under a contract between the parties, the bank agreed to use its best efforts to send all such transactions to the plaintiff for a three year term. The bank breached the contract by sending considerably fewer transactions for a two year term.

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