May 25, 2017
Julia B. Strickland
See more on Julia B. StricklandStroock & Stroock & Lavan LLP Los Angeles
It's not often that Strickland's clients take their cases to trial. A recent real estate trial involving the ownership of the Hyatt Westlake Hotel was a stimulating change.
The plaintiff sought an order in Ventura County Superior Court compelling Strickland's client, WSI (II) - HWP LLC, to sell the hotel for $39 million, even though the parties learned after the agreement terminated that the hotel was worth about $50 million.
The court found that WSI, an affiliate of Wheelock Capital, did not breach the terms of the parties' agreement and relieved WSI of all contractual obligations upon the agreement's termination. Summary judgment was granted for WSI on the plaintiff's fraud and negligent misrepresentation claims.
"The parties had very divergent views as to the merits of the case. It is rare for our clients to take cases to trial so the win following a month of trial was exciting," said Strickland.
Strickland called it an important decision because of the significant increase in the value of the hotel and because the hotel had been encumbered by a lis pendens since the start of litigation.
Meanwhile, Strickland continues to represent the cards in your wallet: Citibank, JPMorgan Chase, HSBC, Discover, American Express. "The more things change, the more they stay the same," she said of legal trends. Different legal and industry issues become more and then less prominent over time. For example, mortgage lending issues took on greater prominence right after the 2008 crash.
"Yet, mortgage litigation filings have decreased since that time. Credit card class action cases also were more active seven or eight years ago before legislation was passed dictating certain aspects of the credit card relationship. Debt collection and related issues are a hot area now," said Strickland.
A lot of it is tied to the politics coming out of Washington. For a while the Consumer Financial Protection Bureau was front and center in litigation, with state attorneys general taking a less active role than before, Strickland said. "Now the CFPB is under siege by the Trump administration," she said. "The state AGs are again assuming a more visible role in pursuing banks and other financial services companies."
— Justin Kloczko
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