33 Year Old Lawsuit Resolved

The Salt Lake Tribune reported the resolution of 33 year old lawsuit last month when the state Supreme court reversed a judgment of $134 that had been awarded to Richard and Nancy Madsen. The Madsens bought a home in 1964 by borrowing from Prudential, which required them to make monthly payments for taxes and insurance into a non-interest bearing account. The Madsen’s filed a lawsuit in 1975 for damages of lost interest on their advance payments. One reason the lawsuit crawled through the courts for over 30 years is because attorneys used it as the basis for $1 million class action lawsuit on behalf of over 9,500 class members who claimed they were owed an average of $105 each. In a cruel irony, Prudential had been purchased by Washington Mutual Bank, which we all know closed its doors last month in the largest bank failure in history. Wouldn’t you like to know the hourly billings by the attorneys over 33 years of litigation over $134?