CDQ Secures Advantageous Defense Settlement of Multi-Million Dollar Real Estate Lawsuit for Nominal Consideration
CDQ attorneys Dan Quigley, Gabe Aragon and Kevin Moyer represented a commercial real estate brokerage firm (the defendant) in connection with a dispute between it and its former client (the plaintiff) arising out of the plaintiff’s sale of approximately 65 acres of land in the West Valley Phoenix metropolitan area. The sale, which was precipitated by a looming foreclosure of the land by the plaintiff’s hard money lender, cleared the plaintiff’s debts and resulted in a substantial profit. After property values for similar properties dramatically increased in the following years due to industrial development activities in the surrounding area, the plaintiff sued, claiming CDQ’s client failed to make certain disclosures and should have secured a higher sale price. The plaintiff sought damages exceeding $8 million. After completion of fact discovery during which CDQ revealed multiple material legal and factual defects in the plaintiff’s claims, CDQ achieved a successful resolution of the plaintiff’s claims in exchange for a nominal payment of less than one percent of the damages plaintiff sought.