Re: LG .... Regarding consultation with client @ settlement
posted on
Oct 16, 2008 09:38PM
Question for legal beagles?????
DM is in serious settlement talks with an infringer, say LG just for kicks.
DM has promised to "communicate" and "consult" (keep up to date) with EDig during any negotiations with any fringers.
DM, performs it's fiduciary duty and "communicates" with EDig that LG has made an offer of (made up number) $2,000,000.
DM knows this is just an initial offer.
DM knows this is just an opening jab and other offers will follow.
EDig, needing moola says to DM, "accept the offer".
According to all here, EDig must approve any settlement, DOES DM HAVE THE SAME RIGHT?
DM sees a whole bunch of moola going down the drain because it knows LG would possibly settle for a much higher sum.
DM has complete control over the infringement lawsuit process.
What is DM's legal responsibility???
Does DM have to settle?
Since both entities are parties to the agreement signed between them can DM say to EDig, We are not agreeing to that settlement.
What happens then, if anything???
Seems to me there is a legal quandry here. DM has complete control over the process, but some here say EDig must approve any settlement. Doesn't that negate DM having "complete control"?