Insurance Law

I got a kick out of this article in the Washington Times on Sept. 28.  The point of the story is that the trial lawyers' lobby might be having financial difficulty.  The part I find interesting is that AAJ says they lost $670,000, but they sought $120,000,000 in the lawsuit.  The article offers no explanation for the 17,900% mark up. 

"...AAJ lost a lawsuit against Wachovia Bank over the collapse of a 2007 loan deal to finance the association's purchase of an office building as its new Washington headquarters.

The association lost more than $670,000 when Wachovia backed out of the loan deal, citing a clause in the agreement that allowed the bank to nix the deal if a "material adverse change" in market conditions hampered its ability to resell all or part of the loan."

"AAJ was unable to collect the $120 million it sought in the lawsuit."