Confidential
Settlement – $250,000Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
In December 1994, plaintiff suffered a jury verdict in the amount of $1,950,000 on the basis that he had failed to disclose and had concealed material facts in the sale of a medical building to the purchasers, who were the plaintiffs in the underlying action. The plaintiff in this legal malpractice action sued on the basis that he had been advised that the case was a frivolous lawsuit that had only nuisance value. At the time of trial, he was advised by the defendant attorney that if the case were lost, his maximum exposure was $300,000.
Settlement Discussions
The plaintiff made a C.C.P. º998 settlement demand for $450,000. The defendants made an offer of $150,000.
Damages
The plaintiff claimed excess verdict damages in the amount of $925,000, which was the amount he paid to settle with the buyers in the underlying case. Defendant attorneys filed a collection action for attorney fees in the amount of $60,000.
Other Information
The settlement was reached approximately two years after the case was filed. A mediation was held on Nov. 2, 1997 before Robert Shafton. It did not resolve the matter. The case settled on the second day of trial for the reported amount.
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