Landes Construction Co., Inc., Plaintiff-Appellee/cross-Appellant v. Royal Bank of Canada, Defendant-Appellant/cross-Appellee

A jury found that the Royal Bank of Canada orally agreed to lend Landes Construction Company $10 million to finance the purchase of commercial real estate in Los Angeles and that the bank breached this agreement. It awarded the construction company $18.5 million in damages. The bank appeals the judgment and the district court’s denial of the bank’s motion for judgment notwithstanding the verdict and for a new trial. It argues that the district court’s grant of four peremptory challenges to both parties at voir dire was reversible error. The bank also argues that there was insufficient evidence to establish the existence of a contract. Alternatively, the bank contends that if there was a contract, it was one within California’s statute of frauds and thus unenforceable. Assuming the existence of a valid enforceable contract, the bank claims that the district court erred in failing to grant J.N.O.V. or a new trial as there was insufficient proof of damages. Finally, if the evidence was sufficient to prove the contract and damages from its breach, the bank contends it was error for the district court to refuse a motion for an equitable offset against the damages awarded by a jury.…