Developer Newport Wins $50M In Hollywood Contract Fight

Law360, New York (October 18, 2011, 8:19 PM EDT) -- A Los Angeles jury awarded Newport Capital Advisors $50.3 million Thursday and Friday in a countersuit claiming real estate investment fund Commonfund Reality Investors LLC and its manager abandoned a partnership to co-own and develop four properties in Hollywood.

The jury found that Commonfund Realty Inc. and co-defendants Commonfund Realty Investors, LLC, CRI Property Trust and CFR Investors Management LLC had agreed to joint ventures with Newport and that each of the defendants had maliciously breached its fiduciary duty.

The jury awarded $33.98 million in punitive...
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