Legal Malpractice
A publisher sold his local newspaper through the assistance of an attorney. The purchase terms included a down payment, plus additional payments over many years, evidenced by a promissory note and (supposedly) secured by a UCC security agreement and financing statement. After a number of years of payments, the buyer sold the paper to a subsequent buyer and payments immediately ceased. Investigation determined that the client's original attorney had failed to properly file the UCC documentation. Thus, there was no effective lien established over the business or its assets. The original buyer was now, basically, judgment proof. The original publisher sought legal assistance but was turned down by two large, downtown Seattle law firms, both of which had told him he had no case. He then approached Magnuson Lowell. We saw a valid claim. Within a matter of just three months, Magnuson Lowell negotiated a six-figure settlement with the insurer for the errant attorney.