NY High Court Chucks Suit Over $17.5M Manhattan Lease Sale

Law360, New York (November 27, 2012, 9:32 PM EST) -- New York's highest court on Tuesday reversed a ruling that entitled two Manhattan real estate investors to sue for damages after their partner bought them out of a lease for $1.5 million, then turned around and sold it to a third party for nearly 12 times that much.

In a unanimous decision, the New York Court of Appeals found that Steve Pappas and Constantine Infantopoulos were sophisticated investors and, essentially, should have known better than to sign away their shares in the leasing company they owned...
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