
After our annual meeting in December, Mr. Altman admitted that the coop’s legal fees related to dog litigation was $575,000 for the fiscal year ending June 30, 2014.
The line item for “legal & audit” expenses in the coop’s annual report has increased dramatically in the past three years as pet owners have been pursued — an increase of $1.2 million over the 2009-2011 baseline. The board of directors has reported that $195,000 has been recouped from our insurance provider, but the coop’s insurance saw a spike last year of $292,000, possibly in response to increased litigation.
Mr. Altman reported to Mr. Loeb this week that the settlement had not yet been finalized, and so a full accounting could not yet be delivered.