According to the Dallas Morning News, a Dallas jury recently ordered BBVA Compass to pay $98 million in damages to the developer of three luxury subdivisions in Tarrant County.

After three hours of deliberations, jurors awarded the damages to David Bagwell and his associates, who were working to develop three luxury subdivisions in Colleyville.

The three developments included million-dollar homes in the Broughton, Old Grove, and Whittier Heights subdivisions. 

Bagwell claimed that BBVA Compass misled him about loan renewals and progress on financing. The developer sought loan modifications during the 2008-09 economic downturn, which BBVA Compass assured him were in process.

However, even though BBVA Compass told Bagwell his loan terms were being modified, the bank instead sold the loan to a competing developer. The competing developer then foreclosed upon the project, which forced Bagwell into filing bankruptcy.

Jurors examined substantial documentation which offered proof that BBVA Compass had indeed misled Bagwell.

The jury awarded Bagwell a total of $78 million and an additional $20 million to his business partners.

However, BBVA Compass disputes the ruling and says they will file an appeal.