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Flores’ son seeks $200,438 in damages, interest
The son of the late former Saipan mayor Donald G. Flores is claiming damages and interest totaling $200,438 from MUFG Union Bank over his father’s alleged $200,000 time certificate of deposit.
He is also seeking prejudgment interest.
Donald Flores had sued the bank in 2011 over the TCD. When he died in June 2014, his wife, Cecilia, became the administrator of his estate. Cecilia, however, died in September 2015. Their son, Derron Gerard Flores, continued the lawsuit as administrator of the Flores estate.
The new lawsuit seeks to collect from MUFG Union Bank the principal and interest on a $200,000, 32-day TCD 24 years after Donald took it out at Union Bank in 1993.
The jury trial in the lawsuit will commence next Monday, Nov. 6, in federal court. The jury will be composed of eight members.
In a final pretrial order last Wednesday, U.S. District Court for the NMI Chief Judge Ramona V. Manglona said that, if Flores wins the case, it will be the court that will determine if prejudgment interest would be awarded to Flores.
Flores’ claimed damages are for the $200,000 TCD principal, plus $438.06 for the 2.5 percent interest on the principal for the 32-day time period, for a total of $200,438.
Union Bank is not seeking any damages.
Manglona recently ruled that Flores may seek prejudgment interest on any damages that may be awarded in the jury trial.
It was not until 2008, when Donald’s wife, Cecilia, found the original TCD, that Donald was able to confirm with Union Bank the existence of his TCD.
