Bank Wins $34.4M In Loan Dispute After Borrowers Skip Trial

Law360, London (November 13, 2020, 4:47 PM GMT) -- A London judge on Friday awarded Punjab National Bank more than $34.4 million in a case against family members who guaranteed business loans that went into default, saying the bank also deserved to recoup its legal costs because the defendants' litigation conduct was "well outside the law."

Jeremy Cousins QC, sitting as a judge of the High Court's Chancery Division, granted the bank's request for an assessment of its legal costs on an indemnity basis, typically awarded in a case when misconduct is involved.

"It seems to me that the conduct of the defendants is well outside the law, in that...

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