Shrader & Associates Represents Plaintiff in Breach of Contract Case for $120M Default Judgement
An upcoming financial business, represented by Shrader & Associates, suffered substantial losses after their lender broke the contract in a potential Ponzi scheme. After filing for a trial by jury, the case now rests on a default judgment of $120 million to cover the damages resulting from the broken contract.
Understanding the Facts
In 2015, two entrepreneurs came together to begin a financial business and entered into a loan agreement with a financial partner for monetary support. The plaintiff, who shall remain anonymous, put their trust in this new financial partner and relied on their assistance to fuel their growing business. The business was projected to make several substantial financial gains based on a 10-year business plan, which was discussed in depth with the new lender.
Unfortunately, the lender defaulted several times over the course of a year and refused to return the “borrower deposit,” robbing the financial business of the majority of its capital. After the deposit was paid, the lender was contractually obligated, via the financial agreement, dated November 25, 2015, to make a series of payments to support the business. In an email sent on February 19th of the following year, the defendant even admitted that they were in breach of their contract.
By taking the borrower deposit and refusing to pay any of the required investments, the defendant left the financial business to suffer a substantial financial loss. As a result, the business never left the ground and the two entrepreneurial business partners missed countless potential profits.
In an effort to seek justice for these wrongdoings and to alleviate the financial loss, Shrader & Associates sent a petition to the Harris County District Court and requested a trial by jury. The request outlined the fraudulent activity of the defendant and specified the financial losses the plaintiff suffered as a result. In the petition, the plaintiff requested compensation for the actual damages, consequential damages, attorneys’ fees, cost of the lawsuit, prejudgment and post-judgment interest, and exemplary damages. The defendant did not respond to the accusations, leaving our client with a default judgment of $120 million.
If you are dealing with a fraud case, a breach of contract, or other similar business issues, our firm is here to help. Contact Shrader & Associates L.L.P. to discuss your situation with our Texas mesothelioma attorneys.