Julio Abraham, et al. v. Bank of America NT & SA
Published: Jan. 24, 1998 | Result Date: Sep. 15, 1997 | Filing Date: Jan. 1, 1900 |Case number: C943076CAL Verdict – $0
Judge
Court
San Francisco Superior
Attorneys
Plaintiff
Stephen H. Dye
(Mortenson, Taggart & Adams LLP)
Defendant
Experts
Plaintiff
David Levin
(technical)
Robert Landau
(technical)
Timothy Crane
(technical)
Defendant
William J. Schmidt
(technical)
Thomas Ransom
(technical)
Facts
Plaintiffs in this case were 151 San Francisco garbage men who owned stock in San Francisco's garbage company, Norcal. In 1986, plaintiffs sold their stock for cash and notes. In 1987, Norcal merged with another company, triggering plantiffs' redemption rights. The plaintiffs brought this action against the successor indenture trustee on the notes based on breach of contract, breach of fiduciary duty and negligence theories of recovery.
Settlement Discussions
The plaintiffs made a settlement demand for $20 million. The defendant made an offer of $4 million.
Damages
The plaintiffs claimed the redemption value plus $20 million in lost interest.
Other Information
The verdict was reached approximately two years and two months after the case was filed. A mediation was held on March 21, 1997, before Tony Piazza of Gregorio, Haldeman & Piazza, resulting in no settlement. At trial, the jury found breach of fiduciary duty but no causation.
Deliberation
six hours
Poll
6-0
Length
three weeks
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