Business Law
Breach of Contract
Fraud
McCrea Ranch LLC, Rick Dillon v. Grand Capital Financial Inc., Hui Wang, Judy Wang
Published: Jun. 6, 2013 | Result Date: Mar. 6, 2013 |Case number: 30-2009-00122240-CU-CL-CJC Settlement – $2,500,000
Court
Orange Superior
Attorneys
Plaintiff
Gregory G. Brown
(Brown & Charbonneau LLP)
Defendant
William B. Hanley
(William B. Hanley Attorney at Law)
Facts
Plaintiff filed a business dispute case against a loan broker alleging breach of contract and fraud. Under the contract, the broker was required to obtain $200 million in funding for the plaintiff, in return for a $2 million advance fee. In the event that the broker was unable to obtain the funding within 30 days, the broker was to return the advance fee. However, the broker spent the advance fee within days of receiving it and failed to return it when funding was not obtained.
Result
The parties settled for $2.5 million.
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