Tenants Sue Insurance Co. Over Rent Hikes

Law360, New York (January 23, 2007, 12:00 AM EST) -- Thousands of Stuyvesant Town and Peter Cooper Village tenants in New York on Monday filed a class action against landlords Metropolitan Life Insurance Co. and Tishman Speyer Properties LC for allegedly pocketing almost $25 million in tax breaks.

Past and present tenants of the sprawling 11,200-apartment complex accused the companies of disregarding the New York City J-51 program, which provides real estate tax relief on the condition that landlords maintain rent-stabilized rates.

Since about 2001 or 2002, MetLife has purportedly been charging tenants market prices while...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.