Goldfine v. Barack, Ferrazzano, Kirschbaum & Perlman

Plaintiffs filed legal malpractice action against law firm and partners for legal malpractice as a result of their failure to preserve their Illinois Securities Law cause of action against an investment firm. Circuit court ruled in Plaintiffs' favor. Circuit and appellate courts failed to apply correct mathematical formula to calculated Plaintiffs' statutory interest award for damages under Section 13(A) of Illinois Securities Law. Interest should have been calculated up to, but not after, the date of 2007 settlement of underlying action. Measure of damages in legal malpractice action is the amount Plaintiffs would have recovered in underlying action for their Illinois Securities Law claim. Court must deduct Plaintiffs' entire $3.2 million settlement after recalculating interest. Plaintiffs' attorney fees and costs expended in obtaining settlement were Plaintiffs' cost of litigation, and should not be deducted from total settlement amount. (GARMAN, FREEMAN, THOMAS, KARMEIER, BURKER, and THEIS, concurring.)