Daily Journal Recognizes Miller Barondess’ $1.5 Million Award for Cathay Bank
The June 18, 2012 edition of the Daily Journal article Bank Wins Arbitration Against Former LA Official recognizes Dan Miller’s success on two summary judgement motions on behalf of Cathay Bank, awarding the Bank $1.5 million, and summarily rejecting the plantiff’s multi-million dollar fraud claim against the Bank. The Bank was also awarded interest and attorneys’ fees against Stein.
The plaintiff, Theodore O. Stein Jr., claimed Cathay Bank breached their contract regarding two loans the Bank granted to Stein and Laurel Canyon-Chelsea LLC, a real estate company he owned. Stein also sued the Bank for fraud and sought millions in damages and punitive damages. Stein and his company claimed they had an oral agreement with the Bank to extend their loans indefinitely, which contradicted the terms of the parties’ written agreement. Miller’s countersuit on behalf of Cathay Bank, stated the Bank never agreed to extend the loans, and Stein had actually defaulted on his current loans.
The panel of three arbitrators sided unanimously with Miller, acknowledging the unlikelihood “that Stein, an experienced attorney, real estate developer and broker, justifiably relied on alleged oral promises that contradict the written terms of the agreement,” according to the article. Please see Final Award here and also Dan Miller’s Bio.