Facts

Plaintiff and defendants made a purchase-sale contract for the purchase of an established limousine business. Plaintiff brought suit for breach of written contract, fraud and intentional factual concealment.

PLAINTIFF'S CONTENTIONS:
Plaintiff contended defendants breached their purchase-sale contract and defrauded plaintiff by failing to disclose that the business had lost a substantial portion of its revenue from its largest client, Amgen; that defendants had been negotiating a contract with Amgen that had not been finalized; and, that defendants stopped taking a salary and were losing approximately $15,000 per month during the escrow period.

DEFENDANTS' CONTENTIONS:
Defendants contended that they did not know about the loss of the Amgen revenues and that he gave plaintiff the contract that was being negotiated with Amgen.

Settlement Discussions

Per plaintiff: plaintiff made a C.C.P. 998 offer for $825,000 just before trial and would have accepted much less before trial. Defendants offered less than $400,000.

Damages

Plaintiff sought $727,000 plus pre-judgment interest, and punitive damages against both Thorsen and Classic Limousine Services, Inc.

Result

Plaintiffs' verdict on fraud, concealment and breach of contract., $718,180 (with interest) plus legal costs and attorney's fees (pending; estimated at $350,000) against defendants Richard Thorsen and Classic Limousine Services, Inc. Defendants' cross-complaint was defeated on all causes of action.

Other Information

Per plaintiff, defendant's expert was precluded from testifying to the value of the lost business.

Deliberation

three days, six hours

Length

17 days