Gray v. Monterey Financial Services
Published: May 2, 2009 | Result Date: Oct. 31, 2008 | Filing Date: Jan. 1, 1900 |Case number: 37-2007-00081902-CU-BC-CTL Settlement – $1,889,050
Court
San Diego Superior
Attorneys
Plaintiff
Mark W. Yocca
(The Yocca Law Firm LLP)
Defendant
Michael P. McCloskey
(Wilson, Elser, Moskowitz, Edelman & Dicker LLP)
Facts
After plaintiff Michael Gray, a financial services executive, left his position with defendant Monterey Financial Services, defendant exercised its option to acquire plaintiff's shares of stock of Monterey Financial Services. After unsuccessful negotiations to effectuate the stock transfer, plaintiff demanded payment for the stock under the operative shareholder agreement. Defendant refused to comply, alleging that it was not required to proceed with the purchase under the shareholder agreement or was otherwise excused from performing.
Settlement Discussions
Plaintiff filed suit in November 2007 and promptly sought a writ of attachment for the principal amount due, which was granted by the Superior Court. After executing on the attachment, defendant agreed to post a cash bond to prevent further attachment efforts. Defendant then served a CCP 998 offer to pay plaintiff the principal amount due. Plaintiff declined this offer. Thereafter, defendant served a second CCP 998 offer, this time for the principal amount due, plus attorneys' fees and prejudgment interest. Plaintiff accepted.
Result
The parties settled for $1,889,047.10.
Other Information
FILING DATE: Nov. 16, 2007.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390