Simeone v. First Bank National Ass'n
United States Court of Appeals for the Eighth Circuit
73 F.3d 184 (1996)
- Written by Mary Pfotenhauer, JD
Facts
First Bank National Association (First Bank) (defendant) agreed to sell three unique or extremely rare classic cars and thousands of rare car parts to Frank Simeone (plaintiff) for $450,000. First Bank had repossessed the cars and parts from Leland Gohlike. Gohlike sued First Bank, and a temporary restraining order was issued preventing the sale of the cars and parts. In exchange for Gohlike’s dismissal of his suit, First Bank agreed to sell the cars and parts to Gohlike’s neighbor for $1,114,960. Simeone sued First Bank for breach of contract. The district court granted summary judgment in favor of First Bank, but the court of appeals reversed, finding that First Bank breached its contract with Simeone. On remand, the jury awarded Simeone: (1) $585,000 in compensatory damages, based on the total market value at the time of breach minus the contract price; (2) $1,595,000 in consequential damages, based on the value of the cars and parts two years after the breach minus their market price at the time of breach; and (3) $225,000 in incidental damages. First Bank appealed.
Rule of Law
Issue
Holding and Reasoning (Ross, J.)
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