Confidential
Settlement – $0Judge
Court
Alameda Superior
Attorneys
Plaintiff
Defendant
Facts
In June 1992, plaintiffs bought an apartment building in Pleasanton for $1,870,000. The property was owned by a partnership. One of the general partners of the partnership was the listing broker, and the broker for the buyer. Plaintiffs contended that the seller and real estate broker made misrepresentations regarding the income and expenses of the apartment, and that they failed to disclose material facts relating to the condition of the property. The plaintiffs further contended that they paid too much for the property because of the alleged misrepresentations and failure to disclose. The plaintiffs claimed the property was actually worth $1,576,000. Defendants contended that one of the plaintiffs was a sophisticated businessman and real estate broker, and that he had full knowledge of the income, expenses and condition of the property. Defendants filed a cross-complaint, contending that the buyers failed to honor a promise to refinance the first mortgage. The buyers purchased the property subject to the First Deed of Trust and the seller remained liable. The cross-complaint also contended that the buyers misrepresented the value of a property the sellers took as partial payment.
Settlement Discussions
Per defendant, the plaintiffs's last demand before trial was $225,000. The defendants made a C.C.P. º998 offer to compromise of $50,000.
Other Information
The case was tried to the court and submitted for decision. Per defendant, the court issued a Statement of Intended Decision which would have resulted in a defense verdict on the complaint. After receiving the Statement of Intended Decision, the parties settled the case. The settlement was reached approximately three years after the case was filed. SETTLEMENT CONFERENCE: A number of settlement conferences and mediations were held before the trial without success.
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