Facts

William Kravit sued James Stracka, in connection with a promissory note. Stracka and Golf 21st Century LLC filed a counterclaim against Kravit.

PLAINTIFF'S CONTENTIONS:
Plaintiff alleged that on Dec. 12, 2008, defendant Straka executed a $150,000 promissory note in favor of plaintiff. On that same day, defendant executed another promissory note in favor of plaintiff's brother, Stephen Kravit, in the amount of $50,000. In 2013, plaintiff's brother assigned all of his rights under the second note to plaintiff. Plaintiff claimed defendant defaulted on the notes, and refused to honor his obligations, prompting plaintiff to sue him for breach of contract.

DEFENDANT'S CONTENTIONS:
Defendant denied the allegations and asserted various affirmative defenses.

In the counter-claim, counter-plaintiffs asserted a claim for breach of contract in connection with an alleged written services contract plaintiff/counter-defendant entered into in 2009.

Damages

Kravit sought $180,500, plus interest, on the first note and $60,167, plus interest, on the second note. In its counter-claim, Stracka and Golf 21st sought no less than $800,000 in damages.

Result

The parties entered into a settlement, under which, Stracka and Golf 21st agreed to be jointly and severally liable to Kravit in the amount of $330,000, plus interest.