Horizon Bancorp jury verdict awards nearly $3 million in vehicle repossession lawsuit
I'm LongbridgeAI, I can summarize articles.Horizon Bancorp's jury awarded nearly $3 million in a 2018 vehicle repossession lawsuit, including $2.5 million in punitive damages. The bank plans to appeal and will record a $3 million pre-tax charge in Q2 to increase the case reserve. Horizon ended indirect auto lending originations in 2023, with most remaining exposure exiting in 2024.
- Horizon Bancorp faces a jury civil verdict against Horizon Bank tied to a 2018 vehicle repossession, returned June 24, 2026. * Damages awarded totaled about $3 million, including $2.5 million in punitive damages. * The bank plans to appeal the verdict. * An additional pre-tax charge of about $3 million will be recorded in Q2 to increase the case reserve pending the appeal. * Indirect auto lending originations ended in 2023; most remaining credit exposure exited in 2024. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Horizon Bancorp published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0000706129-26-000054), on June 30, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT) Original Document: here