Victory in Reformation Action Relating to $22 Million Sale of Loan Pool

Representation of real estate lender, the seller, in a dispute relating to the sale of a pool of 298 loans for $22 million to a bank. A miscalculation by the seller at the closing caused the creation of a closing statement containing the wrong purchase price. At trial, the Judge determined there was clear and convincing evidence of a mistake and ordered reformation in client's favor, and awarded client fees. The Appellate Court affirmed the trial court’s decision, granted client appellate attorney’s fees, and denied the Banks’s Motion for Rehearing.