First, it’s a big case. We have sued for more than $8,000,000. Our client is a wealthy trust fund that lent $6,000,0000 to a power company. The loan went sour when the power company went broke and was unable to repay the loan. The lawyers representing our client for the loan transaction, whom we have sued, then had to file a foreclosure action to try to salvage whatever they could from the loan-gone-bad.
We allege that the lawyers committed malpractice in failing to conduct “due diligence” to ensure that the borrower would be solvent and able to repay the loan, and then continued to malpractice our client during the foreclosure proceedings, which cost our client another $2,000,000 or so in attempting futile efforts to stymie the losses.