PITTSBURGH – A recently-filed civil lawsuit concerning an allegedly-defaulted promissory note and a related business transaction involving the sale of stock shares was settled shortly after its filing.
According to documents filed in the Allegheny County Court of Common Pleas on Feb. 26, the lawsuit initiated by Judy Dewey of Oakdale versus Brian D. Kurtz and Kathleen Klein of Coraopolis was officially marked as settled and discontinued with prejudice. Terms of the settlement were not disclosed.
Dewey initially filed the litigation in state court on Feb. 7.
The original complaint had argued, “Beginning on or about Nov. 11, 2016 and continuing through Feb. 13, 2017, plaintiff engaged in negotiations with the defendants regarding the sale of her 100% interest in the shares of the corporation Judy Dewey’s Notary Messenger Service, Inc. The Stock Purchase Agreement for Dewey’s shares was agreed to be $150,000.00), with the purchase price paid with $75,000.00 cash at the closing and $75,000.00 being paid via Dewey holding a promissory note.”
The suit had added, “Pursuant to the Promissory Note, borrowers were to make payments of principal and interest at a rate of 2.5 percent in two equal annual installments of $38,204.58, each due on or before Dec. 31 of each year, beginning on Dec. 31, 2017 and through and including Dec. 31, 2018, at which time the entire balance of any remaining principal and interest was due and payable. Borrowers failed to make the Dec. 31, 2017 payment.”
Dewey had claimed the note went into default when no payments were forthcoming by Jan. 30 of this year.
Prior to settlement, the plaintiff had been seeking damages, jointly and severally, of $76,409.16, court costs and attorney’s fees in an amount to be determined, plus other damages the Court found just and reasonable for alleged breach of contract.
The plaintiff was represented by Lynn R. Emerson of Business Legal, in Oakdale.
The defendants were represented by Delia Bianchin and Frank Botta of Lynch Law Group, in Cranberry Township.
Allegheny County Court of Common Pleas case GD-18-001833
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com