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

KeyBank was ordered to pay more than $900,000 for expenses Velocity incurred and attorney fees.

Velocity had inked a contract with Sanden Machine and had arranged for financing with another bank when it was contacted by KeyBank, which offered a more attractive deal. However, KeyBank green lighted the deal without requiring a letter of credit or a security agreement from the press manufacturer. At this point, Velocity had already made an $80,000 partial down payment to Sanden.