Confidential
Settlement – $40,000Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
On April 28, 1992, the defendant entered into a promissory note ("the Note") with thrift and loan in the principal amount of $77,548. The loan was for business purposes. On March 31, 1995, the Superintendent of Banks for the State of California closed the thrifty and loan and immediately thereafter, appointed the Federal Deposit Insurance Corporation ("FDIC") as Receiver of thrift and loan. Subsequently, the FDIC assigned all its rights title and interest in the Note to the plaintiff. The defendants continued to make payments until Feb. 1, 1996, when the defendants ceased to make payments under the terms of the Note. The plaintiff, an Oklahoma limited partnership, brought this action against the defendants for breach of contract.
Settlement Discussions
The plaintiff made an initial settlement demand for $45,000. The defendant made an initial offer of compromise for $18,000, inreased to $36,000.
Damages
The plaintiff claimed damages in the principal sum of $43,068.68, accrued interest of $10,571.59, and late charges of $1,694.25.
Other Information
The settlement was reached approximately three months after the case was filed.
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