Fraud Lawsuit Nets Velocity Press $1 Million
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KeyBank was ordered to pay $900,000 for expenses Velocity incurred, attorney fees and roughly $138 a day between the time a bench trial was conducted in January through this past Monday.
According to the newspaper, Velocity had inked a contract with Sanden Machine to purchase the press and had arranged for financing with another bank when it was contacted by KeyBank, which offered a more attractive deal. However, KeyBank apparently green lighted the deal without requiring a letter of credit or a security agreement from the press manufacturer. At this point, Velocity had already made an $80,000 partial downpayment to Sanden.
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