HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » California (Group) » $256 million awarded to d...

Tue May 23, 2017, 09:29 PM

$256 million awarded to defunct Newport Beach auto group

A defunct Newport Beach-based auto dealership group has been awarded $256 million in an eight-year legal battle with Nissan Motor Acceptance Corp., a lending division of automaker Nissan Motor Ltd.

The lawsuit stretches back to the Great Recession in 2009, when Michael Kahn, owner of Superior Automotive Group, lost his businesses after NMAC defaulted on his dealerships after payments for inventory missed guidelines stipulated by the lender.

Kahn operated seven Nissan and Toyota dealerships in Los Angeles and the Bay area.

A jury in a retrial on Monday in Orange County Superior Court awarded $121.9 million in compensatory damages and $134.55 million in punitive damages to Kahn and Superior Automotive Group.

Read more: http://www.ocregister.com/2017/05/23/256-million-awarded-to-defunct-newport-beach-auto-group/

0 replies, 4226 views

Reply to this thread

Back to top Alert abuse

Reply to this thread