Wally Zimolong Obtains $1,364,477.67 Summary Judgment Verdict

On July 13, 2017, Wally Zimolong of Zimolong, LLC  obtained a $1,367,477.67 judgment on behalf of his client, a financial services company, in a contested summary judgment motion hearing.  Wally’s client, a publicly traded company, was the buyer in a multi-million dollar loan purchase agreement.  The defendant/seller, also a financial services company, made certain representations and warranties regarding the underwriting standards of the loans that were the subject of the agreement.  Specifically, the seller represented that the loans complied with Fannie Mae requirements.

After several of the loans were found not to have met Fannie Mae guidelines, Wally demanded that the seller repurchase those loans pursuant to the indemnification clause in the agreement.  When the seller refused, Wally initiated suit in New Jersey state court.  The seller contested the suit and claimed it had no obligation to repurchase the loans under the terms of the agreement.  Wally moved for summary judgment, which the seller opposed raising several arguments to the Court.

The Court requested argument on the matter.  After several hours of argument, Wally prevailed and the Court granted his motion in its entirety and entered judgment in favor of his client and against the seller in the amount of $1,367,477.67. Moreover, because the agreement contained an attorneys fee shifting provision, the Court also granted his motion that attorneys fees be added to the judgment.

About Wally Zimolong and Zimolong, LLC

The American Federation for Teachers  (an adversary) refers to Wally Zimolong as “a destructive force.”  Wally is a trial lawyer who has dedicated his entire 15 year legal career to representing developers and contractors in disputes between themselves, unions, and the government.  Wally has been named one of Super Lawyer Magazine’s “rising stars” for 5 consecutive years. He has successfully litigated hundreds of construction related cases and has counseled clients nationwide on developing and constructing highways, multifamily apartment buildings, professional and collegiate sports stadiums, schools, and uniform planned communities.

As a staunch believer in the Constitution and free enterprise, he has ferociously defended contractors and developers that are threatened, coerced, and bullied by the federal, state, and local government and building trade unions. In 2016, he obtained a landmark jury verdict against a sitting member of Philadelphia City Council for violating his client’s First Amendment Right to free speech.  The case received wide spread media attention and news of the verdict appeared on the front page of Philadelphia’s largest newspaper, the Philadelphia Inquirer.

He regularly assists clients with proceedings involving the Department of Labor, the Office of Federal Contract Compliance Programs (OFFCP), the National Labor Relations Board (NLRB), and the City of Philadelphia Department of Licenses & Inspections (L&I).

He has also successfully defending and stopped numerous illegal picketing campaigns by building trade unions.

Wally can be reached by phone (215) 665-0842 or email wally@zimolonglaw.com

 

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