Masters Group v. Comerica Bank
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In this dispute regarding a $10.5 million loan from Comerica Bank to Masters Group International, Inc. and Masters' eventually default on that loan, the Supreme Court reversed the June 12, 2020 decision and order on attorney fees and affirmed the November 8, 2019 decision of the district court and the accompanying June 17, 2020 judgment, holding that the attorney fees award was in error.
Specifically, the Supreme Court held (1) the district court's determination under Michigan law that Comerica breached the parties' forbearance agreement causing Masters to suffer contract damages was supported by substantial evidence; (2) the district court correctly found that Comerica did not affirmatively plead a defense of setoff or recoupment; (3) the district court's determination under Michigan law that Masters was entitled to prejudgment interest was legally correct; (4) because the parties' agreement did not provide for Masters to recover attorney fees and because Michigan did not have a reciprocal attorney fees statute, the district court erred by awarding Masters attorney fees; (5) Masters was not entitled under Michigan law to recover damages for lost profits or the lost value of a United Kingdom business; and (6) the district court did not err in limiting Masters' award of costs to the amount allowed by statute.
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