Developer Off Hook For Lead Payments At $47M Site

Law360, New York (February 10, 2010, 7:09 PM EST) -- A federal appeals court has upheld a judgment for Mermart LLC in a suit brought by investors in its $47.3 million redevelopment project alleging breach of contract for failing to disclose payment deductions in connection with lead paint contamination of the site.

The plaintiffs lacked standing to sue within the bounds of the underlying agreements of the refinancing documents governing the deal with Mermart, a three-judge panel ruled in the U.S. Court of Appeals for the Eighth Circuit on Thursday.

In 2001 Mermart started work on...
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