Ex-Genova Burns Client's $90M RICO Suit Gets Canned

Law360, New York (March 7, 2014, 8:47 PM EST) -- A New Jersey federal judge sank a $90 million suit alleging Valley National Bancorp and Genova Burns Giantomasi Webster LLC defrauded real estate borrowers, ruling Friday that the plaintiff, a onetime owner of now-foreclosed properties, failed to state a Racketeer Influenced and Corrupt Organizations Act claim.

U.S. District Judge Anne E. Thompson said in a seven-page opinion that Anthony Ottilio and his company, Ottilio Properties LLC, did not sufficiently plead a RICO claim because the allegations that defendants violated federal mail and wire fraud statutes by...
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