Investors Say Calif. Breached Property Sale Deal

Law360, New York (March 11, 2011, 7:36 PM EST) -- An investor group is suing the state of California for allegedly reneging on a hard-won deal in which it agreed to sell off 11 publicly owned properties for $2.3 billion amid the state's fiscal crisis.

California First LP launched its suit Thursday in the Superior Court of the State of California, County of Los Angeles, claiming that it had already made a $55 million cash deposit toward the purchase agreement and seeking a ruling forcing the state to fulfill the terms of the contract.

Facing an...
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