Confidential
Settlement – $1,250,000Judge
Court
L.A. Superior Pasadena
Attorneys
Plaintiff
Defendant
Facts
Plaintiff, a real estate broker, was sued for misrepresentation in 1981. Defendant insurers appointed Defendant law firm to defend, but issued reservation of rights on the fraud cause of action. After a May 1990 bifurcated liability-only verdict, the instant Plaintiff (Defendant in the underlying case) settled using $600,000 of its own money. This Plaintiff then sued the insurer and the law firm.
Settlement Discussions
Plaintiff contends they made a 998 demand in June of 1991 in the amount of $575,000 and Defendant insurers made no offers.
Damages
$600,000 paid out-of-pocket to settle the underlying case.
Other Information
In May of 1993, the trial Court granted summary judgment for Defendant insurers. CA2D Div 5 reversed that decision; 94 DAR 13407. The Supreme Court denied review and decertified on January 20, 1994; 95 DAR 84. The case then settled on February 24, 1995, as to insurers only; nonsuit granted to Defendant law firm remains on appeal in CA2D. This case was transferred to Pasadena from Central within the Los Angeles Superior Court jurisdiction.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390