DALLAS, TEXAS – AUG. 24, 2011
The case stemmed from a dispute involving a $1.8 million deposit J.G. Cooper made with LandAmerica American Title Company to close a real estate transaction. As stated in the terms of the suit, an agent of LandAmerica, a company which was later merged into Lawyers Title Company, allowed and/or authorized the transfer of the funds out of the escrow account without the knowledge and/or consent of J.G. Cooper.
Wick Phillips argued that LandAmerica mishandled the escrow funds, and the court issued a summary judgment in favor of J.G. Cooper, awarding the company $1.8 million in actual damages plus interest and an additional $165,000 in attorney fees.
“This was an important case for our client, J.G. Cooper Development, Inc., and its future in the real estate and development field. It is unfortunate that LandAmerica failed to honor its obligations and fulfill its duties to Cooper, but justice prevailed in a timely manner,” said Jeffrey W. Hellberg, Jr., partner of Wick Phillips and lead counsel of the team representing J.G. Cooper. “This case also brings to bear how critical it is for title companies to implement better security protocols on escrow accounts. We hope this case will make that point for the industry.”
The case is J.G. Cooper Development Inc. v. Lawyers Title Company f/k/a LandAmerica American Title Company, Cause No. 10-02917 (193rd Jud. Dist. Dallas County, Texas). The suit was filed March 12, 2010, and the Court entered its Final Judgment on August 15, 2011.
About J. G. Cooper Development, Inc.: Founded in 1998, J. G. Cooper Development, Inc. is a Dallas-based real estate development company.
About Wick Phillips: Serving the legal needs of businesses in a broad range of industries, Wick Phillips practices law with purpose. Specialty areas include commercial litigation, bankruptcy, creditor’s rights, civil appeals, corporate, corporate advisory, labor and employment, and securities. For more information visit www.wickphillips.com.
