Mealey's (December 2, 2019, 2:00 PM EST) -- CHICAGO — A Seventh Circuit U.S. Court of Appeals panel on Nov. 27 reduced a $3 million punitive damages award entered by a federal jury in Illinois against a loan servicer to $582,000, finding that while punitive damages are allowed by Illinois law for the loan servicer’s violations of the Illinois Consumer Fraud Act (ICFA), the amount of damages was excessive because it was not proportional to the amount of other damages awarded by the jury under the act (Monette Saccameno v. U.S. Bank N.A., et al., No. 19-1569, 7th Cir., 2019 U.S. App. LEXIS 35550)....