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PSM Holding Corp v. National Farm Financial Corp.

United States District Court, Central District of California

December 17, 2014

PSM HOLDING CORP., a corporation, Plaintiff,
v.
NATIONAL FARM FFNANCIAL CORPORATION, a corporation, BUSFNESS ALLIANCE INSURANCE COMPANY, a corporation, and LARRY P. CHAO, an individual, Defendants.

JUDGMENT

MAUGARET M. MORROW UNITED STATES DISTRICT JUDGE

On June 18, 2009, the Ninth Circuit reversed the judgment in this case, concluding that the parties had not entered into a binding agreement for the purchase and sale of Business Alliance Insurance Company. On September 29, 2009, following certain additional proceedings in the district court, Judge Valerie Fairbank recused herself, and the matter was assigned to this court. The court thereafter conducted extended proceedings concerning defendants' motion for restitution, motion for an award of attorneys' fees, and motion for an award of profits. Based on the Ninth Circuit's decision and on the court's orders on the motions for restitution, fees, and an award of profits,

IT IS ORDERED AND ADJUDGED:

1. Following reversal of the judgment on the jury's verdict by the Ninth Circuit, that plaintiff PSM Holding Corp take nothing by way of its complaint, and that defendants National Farm Financial Corporation, Business Alliance Insurance Company, and Larry P. Chao take nothing by way of their counterclaims;
2. That defendants recover $2, 224, 220.76 in attorneys' fees and $53, 984.99 in costs from plaintiff for proceedings in the district court prior to appeal;[1]
3. In connection with post-appeal restitution proceedings, that plaintiff recover from defendants, jointly and severally, net principal in the amount of $1, 100, 563; and
4. That the action be, and it hereby is, dismissed.

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