Facts

Plaintiff San Miguel Partners and defendant Centennial Bank entered into a 1993 approved settlement regarding lease payments, which defendant U.S. Bank assumed responsibility for in 1996. The rent was any amount that a sub-lease exceeded a master lease agreement. San Miguel brought suit to recover rent.

PLAINTIFF'S CONTENTIONS:
San Miguel claimed that U.S. Bank made required payments until Nov. 2001, but U.S. Bank underpaid by $91,882. San Miguel further claimed that from Nov. 2001 until Oct. 2005, U.S. Bank owed an additional $457,906.

DEFENDANT'S CONTENTIONS:
U.S. Bank claimed that San Miguel's delay in suing was unreasonable and prejudicial.

Settlement Discussions

U.S. Bank served a C.C.P. section 998 offer to compromise, which was rejected.

Damages

San Miguel claimed $549,785.

Result

The court returned a verdict for San Miguel, awarding $8,339. However, since the judgment did not exceed the U.S. Bank's C.C.P. section 998 offer, judgment was modified and entered in defendant U.S. Bank's favor for $306,000. San Miguel has filed an appeal.

Other Information

FILING DATE: May 1, 2006.