BRIEFLY : CONTRACTOR WINS CASE AGAINST BANK.THOUSAND OAKS - A local grading contractor has been awarded $1.16 million from California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. in binding arbitration, ending three years of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. over a construction dispute, attorneys said Tuesday. Owners of Weber-Madgwick Excavating Inc. said bank officials took the company off the job of making slope repairs for three homes damaged by landslides in Bel-Air. Accusing the bank of breach of contract and fraud, the contractor claimed bank officials told a surety company that Weber-Madgwick walked off the job, an attorney for the contractor said. ``It really was a David and Goliath David and Goliath are figures of a well-known tale in the Bible (1 Samuel 17, in most English language versions), wherein David, an Israelite shepherd-boy and future King of Israel. situation,'' said attorney Alex Robertson, representing Weber-Madgwick. ``It really was a horrible situation for them, but they're pleased at the outcome.'' California Federal spokeswoman Mary Riche said the bank ``strongly disagrees with the rulings and findings of the arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. ,'' but binding arbitration cannot be appealed. - Daily News |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion