Wicker Smith O’Hara McCoy & Ford P.A. secures $1.25 million verdict settlement
Wicker Smith O’Hara McCoy & Ford P.A. client, Dantzler, is a Miami supplier of lumber and building materials with established distribution channels and a wide customer base in the United States, the Caribbean, Central and South America. Dantzler historically funded its operations through the use of an Asset Based Revolving Line of Credit and was solicited by PNC’s Business Credit division, and ultimately agreed to enter into a new credit facility with PNC. Dantzler later sued PNC alleging Fraud in the Inducement, Negligent Misrepresentation, or in the alternative Mutual Mistake, in connection with a problematic loan closing that cost Dantzler several hundred thousand dollars to close. Dantzler further alleged it experienced lost profits given the lack of sufficient capital to operate its business under the PNC credit facility. Dantzler paid off the loan and closed with a new lender, at additional expense, five and a half (5 1/2) months after the closing. Dantzler filed suit which was vigorously defended by PNC in Federal Court. After 1 ½ years of litigation, the Court denied PNC’s Motion for Summary Judgment on all counts. Shortly thereafter PNC agreed to a settlement of $1.25 million payable to Dantzler, Inc.