JORMA v. CHRISTOPHER
Filed 6/19/06
CERTIFIED FOR PUBLICATION
IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA
FOURTH APPELLATE DISTRICT
DIVISION THREE
| JORMA A. VIRTANEN, Plaintiff and Appellant, v. CHRISTOPHER P. O'CONNELL et al, Defendants and Appellants. | G034184 (Super. Ct. No. 01CC05781) O P I N I O N |
Appeal from a judgment and an order of the Superior Court of Orange County, Gregory H. Lewis, Judge. Affirmed in part, reversed in part and remanded.
McDermott Will & Emery, Elliot Silverman and Michael R. O'Neill for Plaintiff and Appellant.
Nemecek & Cole, Frank W. Nemecek, Susan S. Baker; Greines, Martin, Stein & Richland, Robin Meadow and Cynthia E. Tobisman for Defendants and Appellants.
Reed Smith, James C. Martin and Denise M. Howell for the Los Angeles County Bar Association as Amicus Curiae.
An attorney representing the purchaser of stock agreed to act as an escrow holder for the transaction. The seller delivered his stock certificates to the attorney, to be held in escrow. After delays in the closing of the transaction, the seller decided to terminate the sale. He provided to both the purchaser and the attorney a written notice of rescission and demand to return documents. This notwithstanding, the attorney proceeded to close the transaction and to deliver the stock certificates to the transfer agent with instructions to effectuate the transfer of the shares.
In the ensuing litigation, the seller obtained a $1,985,000 judgment against the attorney and his law firm. The attorney and his law firm appeal. They contend that closing escrow with the expectation that the seller would sue was the â€
