Confidential
Settlement – $190,000Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
Prior to 1991, the plaintiffs owned a promissory note and deeds of trust which they purchased. The trustors defaulted and the plaintiffs were going to foreclose. In or about March 1991, the defendants convinced the plaintiffs not to foreclose, and to accept new notes and deeds of trust in place of the old ones, which were executed by a third party. The defendants defaulted. The plaintiffs brought this action against the defendants based on fraud, breach of contract and judicial foreclosure theories of recovery. (All causes of action except fraud were either settled or dismissed prior to the first day of trial.)
Settlement Discussions
The settlement discussions were not disclosed.
Damages
The plaintiffs claimed principal and interest in the amount of $379,000.
Other Information
The settlement was reached approximately one year and two months after the case was filed (on the day the trial was scheduled to begin). A mediation was held on June 11, 1996, before Judge Wright, retired, of JAMS/Endispute. It did not resolve the matter.
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