FAYETTEVILLE — Burt Hanna and Hanna Candles of Fayetteville didn’t default on loans from Bank of America or personal guarantees to back them, a federal court jury unanimously found Tuesday.
Bank of America sued Hanna in federal court in November 2010, seeking to foreclose on three properties belonging to Hanna, claiming he failed to repay more than $16 million in business loans.
“We could not be happier,” said Jeff Mitchell, an attorney for Hanna. “It’s fun to be on the right side of a case with clients who were willing to stand up and take a case that literally had their lives, their businesses and their life’s work held hostage for more than two years to a jury and let this community speak. And, boy, they spoke today.”
Tim Brooks also represented Hanna.
Bank of America representatives weren’t immediately available for comment.
The suit, filed in U.S. District Court in Fayetteville, named Burt Hanna individually, and Hanna’s Candle Co. Lease holding companies JB Hanna LLC and Kerzen Properties LLC were included in the lawsuit. Hanna’s brother, Thad Hanna, was the corporate representative during the seven-day trial.
The jury considered nine claims by the bank. The verdict is subject to appeal.
“Burt can go back to the business of making candles and employing 80 full-time employees of the candle company out there,” Mitchell said.