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Losing Investment Proves to be a Winner in a Partnership Dispute

Are you concerned you have no legal remedy for a partnership dispute? To find out if there is hope for your situation, consult with Tucker Cheadle, an attorney who will understand the complexity of your case, utilize decades of industry knowledge and experience, and find a solution to help you win.

Throughout his multi-decade career in law, Tucker Cheadle has differentiated himself by developing and applying creative, unique solutions to seemingly hopeless business disputes as well as partnership disputes.

For example, Tucker Cheadle worked as the lead attorney in a large partner dispute in Los Angeles, California. For background information, a couple purchased an investment in a real estate partnership back in 1970. In the late 2000s, the investment manager, tasked with operating and managing the properties, told the couple that it was worthless. Tucker Cheadle was retained by the couple, who unfortunately passed away a few years later in 2010. He then represented the surviving children and began to investigate the investment properties and research a complex web of corporate ownership and title.

Tucker Cheadle’s initial investigation found that the partnership owned over 200 apartments in Los Angeles. After presenting these findings to the manager, who a few years prior told them the ownership stake was worthless, the manager offered to settle for $1,000 and then for $10,000. Tucker Cheadle rejected the settlement, so the manager offered $75,000. Again, the settlement was rejected.

Tucker Cheadle decided instead to file suit against the investment manager for two things:
  1. Theft of money
  2. Fiduciary elder abuse: withholding money from someone over the age of 65
Tucker Cheadle chose to pursue these charges because they both allow for recovery of legal fees and treble damages. During discovery, Tucker Cheadle found out the investment manager had paid off multiple investors in the partnership who had complained. The most any of these parties had been paid by the manager was $100,000.

After Tucker Cheadle informed the investment manager what he had found, the investment manager again offered to settle, but this time for $300,000. Tucker Cheadle rejected the settlement offer, leading the opposing side to withdraw all offers.

As the case progressed, the probate set a trial date and started scheduling depositions. However, after the first deposition, the investment manager offered to settle for over $1 million. Tucker Cheadle accepted the settlement on behalf of his clients, leading to a gain of over $1 million compared to the other side’s initial settlement offer of $1,000.

Tucker Cheadle has been qualified to testify as an expert witness in the areas of income taxes for estates, trusts and beneficiaries, trust accountings, standard of care for drafting trust and estate documents, standard of care for administration of trusts and estates, and reasonableness of attorney’s fees and trustee’s fees, among others. He has served as an expert witness in cases filed in Los Angeles County, Orange County, the surrounding counties of Riverside, San Bernardino, San Diego, and Reno and Cleveland.

Call Tucker Cheadle at 949-553-1066 to discuss your particular partnership dispute concern or case.

A review of any materials on this web page, any preliminary comments or an introductory meeting does not constitute legal, income tax or accounting advice upon which reliance can be placed. The attorney client relationship can only be created by a written retainer agreement following a check of potential and actual conflicts of interest with other clients.
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