Miramar Capital, LLC v. Wells Fargo Clearing Services, LLC

Illinois Appellate Court
Civil Court
Damages
Citation
Case Number: 
2026 IL App (2d) 250055
Decision Date: 
Thursday, July 9, 2026
District: 
2d Dist.
Division/County: 
Lake Co.
Holding: 
Affirmed.
Justice: 
MULLEN

Plaintiffs filed a complaint alleging that an investment advisor working as an agent for the defendant made false statements that wrongly alleged past fraud by the plaintiff in an attempt to lure clients away and sought recovery under theories of defamation per se, false light invasion of privacy, and violation of the Consumer Fraud and Deceptive Business Practices Act. A jury found defendant liable for defamation per se and false light invasion of privacy and awarded compensatory damages, punitive damages, and attorneys fees. The trial court struck a portion of the award for compensatory damages as a prohibited double recovery and entered a remittitur for the punitive damages after finding they were excessive. On appeal, defendant argued that a new trial was necessary to correct various prejudicial errors and evidentiary rulings. Plaintiff cross-appealed and argued that the trial court erred in remitting the punitive damages. The appellate court found no error and affirmed. (SCHOSTOK and BIRKETT, concurring)