East West Bank of Pasadena to pay family $39 million in loan lawsuit
RANCHO CUCAMONGA, Calif. (KABC) -- East West Bank of Pasadena must pay $39 million to an immigrant family who almost lost everything over a bank loan, a Los Angeles County jury has ruled.
"They lied to us, and they cheated us," Choung Fann Yik said of the bank.
Struggle is nothing new to Yik and his family. They suffered under the Khmer Rouge regime in Cambodia, and then fled to the U.S. with practically nothing.
"I arrived in the United States. I had $34 in my pocket," said Yik.
For years they flipped properties, but one development in Rancho Cucamonga was to be their family legacy.
"It was going to be left to their children and grandchildren," said attorney Robert Curtis.
Curtis said Yik and his wife wanted to run a gas station on the development. Their daughter, Bria, wanted to run a coffee shop, and another family member was going to operate a hotel.
They got their financing through East-West Bank of Pasadena.
"I certainly think the conduct of the bank was found to be despicable," said Curtis.
Curtis said the bank might not have done anything criminal, but they basically forced the family to put every last penny of their money into the property, and then refused to extend their loan. Instead, the bank sold the note to the property behind the family's back.
"It was devastating to see my parents who put everything into this project, to see them go through this," said Bria Yik.
With no other options, the Yik family sued. Three years later, they've come out victorious. They may not own the property anymore, but Yik was still pleased with how things turned out for his family.
"I'm very happy with the jury, that they saw how dishonest the bank was," said Yik.
"To be able to restore their faith in America, in the justice system, a place where there are laws and things you cannot get away with, was very gratifying," said Curtis.
Eyewitness News reached out to East West Bank by phone and email on Thursday and Friday. So far the bank has not responded.
