Recently, on July 1, 2011, Judge McPhee ruled in our favor and awarded pre and post-judgment interest to the class. What does this mean? Our accountant expert has calculated prejudgment interest on the Jury’s verdict at over $30 million dollars (a preliminary estimate). This would be added to the Jury’s verdict. Therefore, we believe that the total judgment now likely exceeds $90 million. In addition, post-judgment interest at a rate of 12% per annum will be applied to the judgment on a going forward basis. This could be up to $900K per month in post-judgment interest (another preliminary estimate).
What happens next? Judge McPhee will prepare his Findings of Fact and Conclusion of Law (“FFCL”) on the Beneficiary Class claim. Both sides have submitted their proposed FFCL to Judge McPhee for review.
We really appreciate your continued patience with the process. As complex and as important as this case is to everyone involved, the process moves very deliberately and probably frustratingly slow for many of you. Based upon the Court’s scheduling, it may take another six months before final judgment is entered. As judge McPhee indicated at an earlier hearing, he is taking a very careful and deliberate approach because the case involves the public’s money. Rest assured, however, that we are doing everything possible to try and push everything to final resolution as quickly as possible.
As always, if you have any questions, feel free to call or email me.
Darrell L. Cochran is a Tacoma attorney who specializes in Government Liability claims. Contact us today to discuss your potential case and schedule a free consultation.