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Torts

Vanderbilt University Law School

Journal

1987

Liability

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Implied Covenants Of Good Faith And Fair Dealing: Loose Cannons Of Liability For Financial Institutions?, Patricia A. Milon Oct 1987

Implied Covenants Of Good Faith And Fair Dealing: Loose Cannons Of Liability For Financial Institutions?, Patricia A. Milon

Vanderbilt Law Review

The recent willingness of many courts and juries to impose liability on financial institutions has prompted an increasing number of customers to bring suits against their banks and creditors. These suits often involve claims for millions of dollars in both compensatory and punitive damages for alleged bank or creditor misconduct. For example, the Sixth Circuit recently affirmed a jury award of seven and one half million dollars to a borrower whose lender suddenly refused to advance funds under a line of credit agreement. In similar cases involving a bank's refusal to lend money under credit agreements, a California jury awarded …