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50-OFF STORES, INC. v. BANQUES PARIBAS

No. 98-50288.

180 F.3d 247 (1999)

50-OFF STORES, INC., Plaintiff-Appellee, v. BANQUES PARIBAS (SUISSE), S.A., et al., Defendants, Howard White, Third Party Plaintiff, v. The Chase Manhattan Bank, N.A., Defendant-Third Party Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

July 1, 1999.

Attorney(s) appearing for the Case

Barry A. Chasnoff, Saul Howard Perloff, Stephan B. Rogers, Daniel McNeel Lane, Akin, Gump, Strauss, Hauer & Feld, San Antonio, TX, for Plaintiff-Appellee.

David Balabanian, David M. Heilbron, Russell K. Yoshinaka, McCutchen, Doyle, Brown & Enersen, San Francisco, CA, John L. Hill, Jr., Locke, Liddell & Sapp, Houston, TX, Joseph Latting, Kamela Stroman Bridges, Locke, Liddell & Sapp, Austin, TX, for Chase Manhattan Bank, N.A.

Before DAVIS, STEWART and PARKER, Circuit Judges.

W. EUGENE DAVIS, Circuit Judge:

Defendant-Appellant The Chase Manhattan Bank, N.A. ("Chase") appeals a jury verdict in excess of $150 million in compensatory, consequential, and punitive damages for the conversion of 1.5 million shares of stock of Plaintiff-Appellee 50-Off Stores, Inc. ("50-Off"). For the reasons that follow, we vacate the awards of punitive damages and prejudgment interest and uphold the awards of compensatory and consequential damages.

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