Confidential
Settlement – $61,694Facts
On Feb. 15, 1996, the two plaintiffs each loaned $25,000 to the defendant under written contract whereby the defendant was to pay all principal and interest by Nov. 8, 1996, at 11 percent interest. The defendant did not make any payment of principal or interest on the loans from either plaintiff. The plaintiffs brought this action against the defendant based on breach of contract.
Settlement Discussions
After the plaintiff obtained wrist of attachment against the defendant, the parties settled both matters by entering into a stipulation for entry of judgment. Pursuant to the stipulation, one plaintiff was awarded the sum of $31,194, and the other was awarded the sum of $30,500, for a total judgment of $61,694. In both cases, the plaintiffs were allowed to retain all sums previously obtained by writs of attachment, which sums act as a credit against the judgment.
Damages
$61,694 (for principal and interest on two loans)
Other Information
The settlement was reached approximately four months after the case was filed.
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