Jojo Marengo, et al. v. U.K. ABBA Products, Inc., et al.
Published: Oct. 12, 1996 | Result Date: Aug. 10, 1996 | Filing Date: Jan. 1, 1900 |Case number: BC109850 – $0
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
In 1990, the parties entered into a written contract under which the plaintiff was to receive up to 19 percent of the stock of the corporate defendant in consideration of certain advertising and other services. In late 1990, the defendants terminated the contract, asserting fraud and non-performance by the plaintiff, which the plaintiff disputed. The plaintiff brought this action against the defendants based on claims of breach of contract, fraud, negligence, specific performance and ancillary theories of recovery.
Settlement Discussions
The plaintiff made an initial settlement demand of $600,000, reduced to $160,000. The defendants made a C.C.P. º998 offer of compromise for $50,000.
Damages
The plaintiff claimed the 19 percent of the stock of the corporate defendant was worth $1.5 to $2 million.
Other Information
The award was rendered approximately two years after the case was originally filed in the Superior Court, and four days after the two-day arbitration hearing. The arbitration was held on Aug. 5 and 6, 1996 before Judge Peter Smith, retired, resulting in a defense award.
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