Confidential
Settlement – $1,000,000Facts
On Jan. 17, 1994, a commercial building located in Northridge suffered substantial water damage, caused by leakage from the sprinkler system damaged during the Northridge earthquake. The plaintiff's insured, a tenant in the structure, suffered substantial damage to fixtures, improvements, contents and a business interruption loss. The plaintiff brought this action against the defendants based on negligence.
Settlement Discussions
The plaintiff made a $1million (policy limits demand) in July 1998.
Damages
The plaintiff's insured claimed it suffered damages of approximately $8.5 million. The defendant was entitled to a set-off of $125,000 based upon the previous settlements with the design professionals.
Other Information
The settlement was reached approximately two years after the case was filed. The settlement conference was held before Richard Chernick in July 1998, resulting in the reported settlement.
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