Confidential
Settlement – $7,500Facts
Beginning in 1986, the plaintiff, a CPA, began rendering accounting services to the defendant company. In 1989, the defendant had an outstanding balance with the plaintiff. In or about June 1989, the defendant acknowledged its debt to the plaintiff and requested that the plaintiff accept monthly payments to reduce its balance. In July 1989, the plaintiff began charging the defendant a nine percent yearly finance charge (increased in January 1991 to 12 percent annually). In October 1992, the defendant made its last payment to the plaintiff. Thereafter, the defendant refused to make any further payments. In July 1994, the plaintiff demanded payment from the defendant in the amount of $7,304 (which was the outstanding balance due plus accrued finance charges). The defendant again refused to pay the plaintiff. In September 1994, the plaintiff brought this action against the defendant based on services rendered, account stated and open book account theories of recovery.
Settlement Discussions
The plaintiff made a settlement demand of $4,500. The defendant made a settlement offer of $1,000 at the mandatory settlement conference.
Damages
The plaintiff claimed $7,304 (per the plaintiff) or $9,500 (per the defendant) in damages.
Other Information
The settlement was reached approximately one year and seven months after the case was filed. An arbitration was held on Nov. 21, 1995, before John A. Girardi, Esq., resulting in an award of $8,976. The defendant moved for a trial de novo. A bench trial was heard on March 11, 1996, resulting in a judgment of $7,974. The case subsequently settled, following entry of judgment, when the plaintiff began to enforce the judgment.
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