Chicago Developer Must Pay For Missed Deadline In $50M Suit

Law360 (June 5, 2020, 8:00 PM EDT) -- An Illinois federal judge on Friday sanctioned the owners of a failed Chicago real estate project $18,000 for their "flagrant disregard" of a deadline to show how they spent $49.5 million from Chinese investors who claim they were ripped off.

U.S. Magistrate Judge Young Kim agreed with the investors' argument that he should impose a "stiff penalty" for the project owners' continued defiance of his firm April 3 deadline to produce financial documents showing how they spent money intended for the failed Carillon Tower project. But he rejected the investors' request that the delay lead to adverse inferences about how the money...

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