Illinois Appellate Court
Civil Court
Fraud
Trustee filed suit against developer and development companies, alleging fraud and breach of fiduciary duties in management of company. After bench trial, court ordered Defendants to pay compensatory and punitive damages for fraud and breach of fiduciary duty, finding that developer made numerous large transfers of funds to benefit his other enterprises. Court abused its discretion neither in determining the compensatory base nor in awarding the 3:1 ratio of punitive damages to compensatory damages. Court properly ordered forfeiture of "loan fees" in finding that they were inappropriate transfers and not actually earned. Court was within its discretion in setting 13% prejudgment interest rate, as reasonable rate for developer having taken "interest-free loans". (CUNNINGHAM and HARRIS, concurring.)