- Posted April 04, 2012
- Tweet This | Share on Facebook
Judge affirms $72M ruling against Huntington Bank

GRAND RAPIDS (AP) -- A federal bankruptcy judge in Grand Rapids has affirmed his earlier finding that Huntington Bank owes $73 million plus interest for turning a blind eye to fraud at a high-tech company.
Huntington loaned money to Grand Rapids-based CyberNET. Judge Jeffrey Hughes says the bank should have known that CyberNET and its affiliates were committing fraud and raised a flag about the problems.
Hughes issued a ruling last Friday recommending that a U.S. district judge order the bank to pay the money to creditors.
Bank spokesman Matt Samson tells The Grand Rapids Press it will continue contesting the claim.
CyberNET borrowed money for computers but spent it on lavish personal expenses by owner Barton Watson and wife Kristin.
Watson killed himself in 2004 after the FBI raided CyberNET. His wife was imprisoned.
Published: Wed, Apr 4, 2012
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- NextGen UBE ‘blueprint’ welcome, but more info on new bar exams needed, sources say
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Lawyer accused of hitting rapper Fat Joe’s process server with his car
- Trump administration sues Maryland federal court and its judges over standing order on deportations
- Law firms consider increasing capital contributions by equity partners
- BigLaw firm lays off 5% of business professional staff