Confidential
Settlement – $275,000Mediator
Court
San Diego Superior
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Robert Meyerson
(technical)
Defendant
Thomas M. Correll Esq.
(technical)
Facts
The plaintiff is a profit sharing plan which in 1990 made a business loan of $187,000, secured by business assets and cross-collateralized by the debtor's residence. In 1991, upon default, the plaintiffs foreclosed on the debtor's residence, and subsequently leased the residence back to him. In August 1995, the defendant tenant vacated the premises. The plaintiffs were insured by the defendant insurance company under a rental dwelling policy that included coverage for theft and vandalism. The plaintiffs' claim (proof of loss) for $94,000 was denied. The plaintiffs brought this action against the defendants based on breach of contract, negligence and fraud theories of recovery.
Settlement Discussions
The plaintiffs made a C.C.P. º998 settlement demand for $5 million. The defendant insurance company made an initial offer of $35,000 increased to $85,000, $200,000 and eventually $250,000. The defendant nursery offered $20,000.
Damages
The plaintiffs claimed $93,000 in damages.
Other Information
The settlement was reached approximately one year after the case was filed. A mediation was held on March 25, 1997 before Judge Fio Lapardo, retired, ultimately resulting in the reported settlement.
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