Confidential
Settlement – $550,000Judge
Court
Riverside Superior
Attorneys
Plaintiff
Michael K. Wolder
(Wolder & Associates)
Defendant
Experts
Plaintiff
Michael A. Waggoner
(technical)
Neal Pinson
(technical)
Defendant
Jeff Reith
(technical)
William Correia
(technical)
Facts
In August 1996, 30-year-old commercial office building located in Riverside experienced a sudden and catastrophic failure of several glu-lam beams . The building was red tagged by the City of Riverside until repairs could be made. The plaintiffs used their liability and property insurer for breach of insurance contract and bad faith after the carrier failed to cover the loss. The plaintiff brought this action against the defendant based on breach of contract, bad faith and sought punitive damages.
Settlement Discussions
The plaintiffs initially demanded $1.5 million in settlement. The plaintiffs made a C.C.P. º998 settlement demand for $1 million. The defendants made a C.C.P. º998 offer of compromise for $200,000.
Other Information
The settlement was reached approximately one year and four months after the case was filed.
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