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Jury Awards $34 Million In Development Deal Gone Bad

Posted by Attorney Stephen Hance | Mar 29, 2013 | 0 Comments

Commercial real estate development can be a cut-throat, competitive world and requires a seasoned real estate attorney like Stephen Hance to help your deals go through and fight for your rights if they don't. Without adequate counsel, these kinds of stories are almost a given. In Los Angeles a jury awarded investors who claimed they lost millions in failed real estate ventures $34.5 million against their attorneys and is also considering a claim for punitive damages.

The case stems from claims the plaintiffs made that they were defrauded by an Atlanta developer and their former investment partner and that the law firm protected his interests over theirs. The jury found the firm liable for fraud, legal malpractice and breach of fiduciary duty following a seven-week trial and six days of deliberations.

The law firm maintains it had no attorney-client relationship with the investors themselves and acted only as legal counsel for their investment entities. The plaintiffs claim they lost $15 million in cash and are on the hook to banks for almost $20 million in loan guarantees for real estate parcels in the Florida panhandle, Atlanta and Tampa. Similar suits are pending in Tampa alleging similar claims.

Investors who suspect their broker, investment partner or managing partner need to get information and ask questions to ensure their interests are being protected and advocated. Often the best way to get to the bottom of things and take action, if necessary, is to hire determined and tactful counsel.

Hance Law Firm welcomes inquiries or referrals regarding investment deals and Stephen Hance has considerable success in security investors' rights.

About the Author

Attorney Stephen Hance

Steve represents and advises clients that are dealing with business and real estate disputes. Steve is an investor and business owner, and his approach is unique from other attorneys.

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