In the latest development in a long-running bankruptcy case involving a failed nursing home in Pittsburgh, the Third Circuit Court of Appeals has affirmed a jury verdict of joint and several liability of $2.25 million in compensatory damages for breach of fiduciary duty against 15 officers and directors of the home but has reversed the award of $350,000 each in punitive damages against five directors. It has refused to reverse, however, a punitive damage judgment of $1 million against the CEO and $750,000 against the CFO. The Court said that the Unsecured Creditors Committee had failed to establish that the directors had acted with “malice, vindictiveness and a wholly wanton disregard of...