Confidential
Settlement – $160,000Facts
On Nov. 4, 1997, a fire occurred at a foam manufacturing facility located in Fullerton. The initial alarm was received by the Fullerton Fire Department at approximately 8 p.m. The plaintiff's insured had finished the first production run of a foam lot approximately five hours earlier. That run consisted of 92 foam buns placed in the curing room to undergo the 12 hour curing process. The fire was determined by the Fullerton Fire Department to have been caused by spontaneous ignition of the foam buns during the curing process.
Settlement Discussions
The defendant initially offered $100,0000. The plaintiff countered at $200,000. The case was ultimately settled for $160,000 at a mandatory settlement conference before Judge Raymond J. Ikola.
Damages
The plaintiff paid its insured $216,552.30 for loss of the buns and other property damage resulting from the fire.
Other Information
The settlement was concluded approximately eight montsh after the suit was filed. PLEASE RESPOND ASAP. THIS IS FOR JULY 16 ISSUE.
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