|[December 04, 2013]
Snell & Wilmer Obtains $41.6 Million Verdict for Pacific Coast Steel
DENVER --(Business Wire)--
Snell & Wilmer is pleased to announce that attorneys Jim Kilroy and Chad
Fears obtained a $41.6 million verdict for client Pacific Coast Steel in
the United States District Court for the District of Nevada on November
20, 2013, after a three-week jury trial in the case of Pacific Coast
Steel v. The Tamra Mae L. Hunt Irrevocable Trust.
San Diego-based Pacific Coast Steel (now known as Gerdau Reinforcing
Steel) is one of the largest steel reinforcing contractors in the United
States. In 2008, Pacific Coast Steel purchased substantially all of the
assets of Las Vegas, Nevada-based Century Steel, Inc. and an assumption
of certain liabilities through an asset purchase agreement. The owners
of Century Steel, Inc., including The Tamra Mae L. Hunt Irrevocable
Trust, guaranteed Century Steel, Inc.'s performance and obligations
under the asset purchase agreement. After the closing of the asset
purchase agreement, Pacific Coast Steel determined that the construction
projects that it had acquired from Century Steel, Inc. under the asset
purchase agreement, including many jobs on the Las Vegas strip, were not
as profitable as Century Steel, Inc. had projected. In late 2009, Snell
& Wilmer filed a breach of contract and guaranty lawsuit against Century
Steel, Inc. and the guarantors. Century Steel, Inc. and the guarantors
brought counterclaims, including a claim for breach of the asset
The recent trial involved the claims and counterclaims between Pacific
Coast Steel and The Tamra Mae L. Hunt Irrevocable Trust. After a
three-week trial, the jury returned a verdict in favor of Pacific Coast
Steel in the amount of $41.6 million. The jury also rejected a
counterclaim asserted against Pacific Coast Steel by The Tamra Mae L.
Hunt Irrevocable Trust.
About Snell & Wilmer L.L.P.
Founded in 1938, Snell & Wilmer is a full-service business law firm with
more than 400 attorneys practicing in nine locations throughout the
western United States and in Mexico, including Denver, Colorado; Phoenix
and Tucson, Arizona; Los Angeles and Orange (News - Alert) County, California; Las
Vegas and Reno, Nevada; Salt Lake City, Utah; and Los Cabos, Mexico. The
firm represents clients ranging from large, publicly traded corporations
to small businesses, individuals and entrepreneurs. For more
information, visit www.swlaw.com.
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