Facts

Pacific Bancorp Inc. sued Joseph Amin, Kami Emein, and A & E Interstate Properties LLC for breach of contract and money lent.

PLAINTIFF'S CONTENTIONS:
Plaintiff alleged that in January 2007, it made a loan to defendants of $500,000 and in September 2007 it loaned defendants an addition $100,000. Plaintiff further alleged that in June 2008, defendants paid off a portion of the loan in the amount of $250,000, leaving a balance on the principal amount of $350,000. Plaintiff argued that defendants defaulted on the loan by failing to make payments that became due in November 2008.

DEFENDANT'S CONTENTIONS:
Amin denied the allegations of plaintiff's claims. Amin also argued that he was not aware he would be personally liable when he was signing the note.

Damages

Plaintiff alleged that it suffered damages of $632,011.62, which consisted of $350,000 in loan principal, $265,876.33 in accrued interest, and $16,135.29 in late fees.

Result

After a court trial between plaintiff and Amin, the court entered judgment in favor of plaintiff and against Amin and Emein. The court found Amin and Emein jointly and severally liable for the total sum of $506,668, which consisted of the principal loan balance of $250,000 and $256,668 in interest, default interest, and late fees. The court also entered judgment in favor of plaintiff and against Emein for an additional $202,763, stemming from the second loan of $100,000, plus interest, default interest, and late fees. The court found that Amin was not liable for the $100,000 additional loan.

Other Information

FILING DATE: Feb. 17, 2012.