Friday, May 28, 2010 | 1:45 a.m.
CARSON CITY – The Nevada Supreme Court has directed District Court Judge Sally L. Loehrer to determine if $300,000 awarded against DHI Mortgage was excessive in a deceptive trade practices case in Las Vegas.
The justices directed the judge to determine how to handle the case in line with its findings.
An award of $300,000 for punitive damages was made to Steven M. Betsinger after a jury trial. Betsinger said he was initially approved for a home loan with an interest rate of 4.625 percent, then he put down $4,900 as a deposit.
The rate was then switched to 6.5 percent, according to Betsinger, who accused DHI of “baiting” to get his deposit and then refusing to return it when he canceled the deal.
The court said the judge should set up a procedure to determine if $300,000 in damages was too much.
“Because of our uncertainty we are unable to meaningfully review ... the current punitive damages award, and we refuse to arbitrarily reduce the amount,” said the unanimous decision written by Chief Justice Ron Parraguirre.
CORRECTION: This story was changed to remove references indicating the Nevada Supreme Court had ordered a new trial. The court didn't order a new trial, as was initially reported. | (May 28, 2010)
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