Farmers Group, Inc., a corporation, et al. v. State Street Bank and Trust Co. of California, a national banking association
Published: Jul. 22, 1995 | Result Date: May 17, 1995 | Filing Date: Jan. 1, 1900 |Case number: BC095344 – $5,800,000
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Ronald R. Rossi
(Rossi, Hamerslough, Reischl & Chuck)
(technical)
Belinda Baskette
(technical)
Defendant
Thomas E. Randlett
(technical)
William E. Barrett
(technical)
Facts
This case involves an investment by Plaintiff Farmers Group, Inc., of $10,000,000 in certain short-term note certificates issued on July 6, 1989, by Defendant American Pacific Capital Corporation. The transaction was handled through Defendant State Street Bank and Trust Company, a corporate trustee, under an indenture trust. Plaintiff Farmers was a third-party beneficiary of the indenture trust agreement between Defendant State Street Bank and American Pacific Capital Corporation (APCC). The trust was to last for 5 years and Farmers was to receive, in payments under a promissory note, its $10,000,000 together with interest at the rate of 11.5 percent per annum. As of April of 1993, Defendant APCC defaulted, owing Farmers $6,000,000 in principal and interest, as of that date.
Settlement Discussions
Plaintiff contends it demanded $2,500,000 reduced to $2,200,000; and Defendant State Street Bank offered $200,000 increased to $500,000 on the first day of trial.
Damages
$6,000,000 in principal and interest as of April 1993; cost; and interest since April of 1993.
Other Information
This case was filed in December of 1993; one year and five months prior to this result.
Deliberation
4 days
Poll
not disclosed
Length
11 days
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