The Superior Court yesterday vacated and remanded for a new trial a case that had resulted in a punitive damage award of $40.5 million against CoreStates Bank.
Writing for the court, Judge Michael T. Joyce said the “unreasonable punitive damage award cannot stand” in Pioneer Commercial Funding Corp. v. American Financial Mortgage Corp., both because of remarks made by the plaintiff’s counsel during its closing argument and because the punitive damage amount itself violated the due process guarantees of the 14th Amendment.
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