Judge Awards Velocity $1M, Says UT Bank Altered Terms

SALT LAKE CITY—A federal judge has awarded Velocity Press nearly $1 million, saying that KeyBank Utah defrauded the commercial printer by changing the terms of a loan without its knowledge, The Salt Lake Tribune reported.

According to U.S. District Judge Ted Stewart, KeyBank officials rewrote the financial arrangement Velocity had made with Sanden Machine for the purchase of a $1.8 million customized press in 2006. The judge ruled Velocity would not have signed off on the loan agreement had it known what KeyBank had done.