One of Los Angeles Daily Journal’s Top 10 Verdicts in 2016
Balaban | Spielberger Recognized for Obtaining One of California’s Most Impactful Verdicts in 2016
BRENTWOOD, Ca. (February 23, 2017)— Balaban | Spielberger was honored by the Los Angeles Daily Journal for obtaining one of California’s ten most important verdicts in 2016. Founding partner Daniel Balaban secured a $30.5 million verdict when a Long Beach jury sided with his client.
As lead trial attorney, Balaban obtained the judgment in a predatory lending-foreclosure trial where the jury found that a Pasadena loan broker knowingly issued a toxic and deceptive loan to a Los Angeles woman, which resulted in the rapid default and foreclosure of her home.
The verdict was reached on October 28, 2016, and found Cervenka and Lukes Mortgage Corporation was responsible for providing the plaintiff a loan with hidden terms. The undisclosed terms (24.99% interest for a single missed payment) caused her mortgage to skyrocket from $11,000 to $31,000 after she missed two loan payments and the defendant issued the Notice of Default and began the foreclosure process.
“Mortgage lending is one of the cornerstones of building the American dream. But when lenders try to cheat borrowers, the entire system is undermined. This verdict shows juries won’t accept predatory lending practices,” said Daniel Balaban.
The Los Angeles Daily Journal, a daily legal newspaper based in Los Angeles, named the verdict as having one of the biggest impacts in California in 2016. The paper reported that after the jury ruled in favor of the plaintiff, the defense agreed to a confidential settlement “to avoid a punitive damages phase that could have seen the big verdict skyrocket.”
