Stephen Chuck Wins $1.28 Million Breach of Contract Arbitration

On June 21, 2008, Stephen Chuck, a partner in Foley & Mansfield’s Los Angeles office, obtained a $1.28 million arbitration award in favor of Impac Funding Corporation.  The binding arbitration involved a breach of a commercial contract for the sale of closed mortgage loans to Impac by the defendant mortgage banker.  Impac sought recovery of $1.32 million due to the defendant’s failure to repurchase eight closed mortgage loans which breached the warranties and representations provisions of the Seller Agreement on account of early payment defaults and borrower misrepresentations in the loan applications.  In addition to recovery of nearly 100% of the arbitration claim, Impac was also awarded attorneys’ fees and costs under its contract.  “We are very pleased with the arbitrator’s ruling and look forward to this matter coming to its rightful and final conclusion for our client,” said Chuck.