Mediation discussion for $$ recovery begins

Austin attorney Jim George told the Standard-Herald Monday afternoon that he had a mediation meeting with Brian Stearns’ law firm and insurance company set up for Wednesday and Thursday. “I am hopeful that we can reach a settlement with the two parties and give the Brady people the money back that they lost to Stearns in his scams,” George said. He said he expected some 20-30 Brady people to be present at the session. “We are going to give these folks an opportunity to do what is right,” he said. Stearns was sentenced to 30 years in the federal prison system last Thursday after he had been convicted back in February on 80 counts of fraud and money laundering. “The judge, in his sentencing hearing last week, had some unkind words for Stearns’ Dallas law firm, and that should have some influence on recovering the money lost,” George said Monday. He stated that he would attempt to recover 100 percent of the loss to the Brady people which amounts to approximately $7 million. “I figure that the Brady citizens lost about $4.7 million. We will seek 6 percent of that which is about $500,000 then add on 35 percent for attorney fees, and that comes out to be about $7 million,” he said. George added that he will give the law firm and insurance group an “opportunity to make a separate deal” for the Brady bunch. “We want to get this over with as soon as possible in order to close the book on this situation. I believe we have a pretty good shot at getting it done,” he said.

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