Developers Beat $40M Fraud Suit Over Soured NY Project

Law360, New York (August 21, 2012, 9:40 PM EDT) -- A New York federal judge on Tuesday threw out a real estate developer's $40 million breach of contract suit against a pair of Israeli investors accused of fraudulently seizing the developer's partnership interests in a New York luxury building.

U.S. District Judge Robert P. Patterson Jr. granted the defendants' motion to dismiss the suit in its entirety, finding that developer Shahab Karmely and his company SK Greenwich LLC had failed to show that the two investors had induced any lenders to declare a default, which caused...
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