Confidential
Settlement – $0Judge
Court
L.A. Superior
Attorneys
Plaintiff
Timothy D. McGonigle
(Law Offices of Timothy D. McGonigle APC)
Defendant
Ronald S. Kravitz
(Miller Shah LLP)
Jeffrey K. Compton
(Markun, Zusman, Freniere & Compton LLP)
Experts
Plaintiff
Mason Dinehart
(technical)
Defendant
John D. Maine
(technical)
Alfred Monahan
(technical)
Facts
From December 1987 through April 1991, the claimants, five related adults and their profit sharing plan, collectively invested $640,000 in various real estate limited partnership from December 1987 through April 1991. The claimant's investments were purchased through the respondent broker-dealer. The partnerships ceased paying distributions in June 1991 and ultimately lost their entire value. The claimants brought this action against the respondent based on fraud, misrepresentation, negligence, breach of fiduciary duty, and violation of federal securities laws.
Settlement Discussions
The claimants made a settlement demand for $410,000. The respondent made no settlement offer.
Damages
The claimants initially requested damages in the amount of $800,000 reduced to $639,111 at the time of hearing, together with interest from the date of loss, punitive damages, costs and attorney's fees.
Other Information
The award was reandered approximately six months after the case was filed. The five-day arbitration was held in October 1996 before Lous R. Eglash, chairman, Robert Schouweiler and William Fieldman of the NASD resulting in the reported award.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390