Global Income Management Company v. Auto Buyers Credit Corporation, Richard L. Watt, And Heidi R. Watt
Published: Oct. 31, 1998 | Result Date: Aug. 21, 1998 | Filing Date: Jan. 1, 1900 |Case number: SC017681 Verdict – $44,000
Judge
Court
Ventura Superior
Attorneys
Plaintiff
Defendant
Facts
Plaintiff Global Income Management Company invested $340,000 with defendant Auto Buyers Credit Corporation (ABCC) for the purpose of finding and purchasing "subprime" auto loans. Global alleged that ABCC, and its employees defendants Richard and Heidi Watt, misappropriated some of the money and purchased sham car loans with the remainder. The defendants contended that the plaintiff was forewarned about the risks in this type of investment, and that the plaintiff knew it was getting lower quality paper in order to receive higher interest rates. The plaintiff brought this action against the defendants based on breach of contract, fraud and breach of fiduciary duty theories of recovery.
Settlement Discussions
The plaintiff made a settlement demand for $192,000. The defendant made a C.C.P. º998 offer of compromise for $75,000.
Damages
The plaintiff claimed $264,000 in damages.
Other Information
The verdict was reached approximately three months after the case was filed.
Deliberation
three hours
Poll
varied
Length
eight days
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