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Will Hands win punitive damages?

THE PRIZE: Hands hasn't specified the amount of damages he is looking for, but a person close to the fund said that he could get up to three times the total 1.75 billion equity Terra Firma put into the deal and which has now been wiped out. "The only way I see that Terra Firma might increase its recovery is by convincing [Rakoff] to award punitive damages," legal expert Richard Schulman told Cauchi. "That is not easy. It requires a finding that Citibank acted with moral turpitude amounting to criminal indifference regarding Terra Firma's rights. If this can be shown, then a punitive damages award of two or three times the actual damages might be awarded," he added. (10/13a)

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