Facts

Ock Kymm, Seemyum Kymm, and the Kymm Family Trust hired Charles Dunn Co. to list and sell property in Westminster, California. A Charles Dunn agent entered into an exclusive listing agreement with the Kymms, which extended over a period of four months and required either of two named buyers to purchase the property. The agent presented a buyer offer of $10,400,000 to the Kymms. Later, the agent entered into another listing agreement so that the agent could find a 1031 tax exchange property for the Kymms. However, the listing agreements failed to result in a sale. Nevertheless, the agent requested commission on the first listing, amounting to $416,000. The Kymms refused to pay because the listing failed to close.

DEFENDANTS' CONTENTIONS:
Defendants contended that the agent breached his fiduciary duty by failing to state the true potential purchase price of the 1031 tax exchange property.

Damages

The plaintiff claimed $416,000 in damages.

Result

The arbitration panel awarded the plaintiff $416,000, plus attorney's fees and costs.