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Court rules against reconsideration of judgment

Thursday, Aug. 7, 2003 | 11:11 a.m.

U.S. District Court Judge James Mahan on Wednesday denied Vestin Group Inc.'s motion for reconsideration of a judgment against the Las Vegas lender.

Earlier this year, developer Howard Bulloch's Desert Land LLC was awarded more than $5 million in damages and $660,000 in attorney's fees in a lawsuit against Vestin and its founder, Michael Shustek.

The ruling was related to a loan brokered for Bulloch by Del Mar Mortgage, an independent company owned by Shustek. Del Mar has indemnified the publicly traded Vestin Group and its subsidiaries against liabilities related to the case.

"Vestin Group fully intends to appeal the ruling," Shustek said in a statement.

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