NY Court Keeps $25M MetLife Tax Break Action Alive

Law360, New York (November 3, 2011, 7:21 PM EDT) -- A New York appeals court on Thursday affirmed a lower court's refusal to dismiss a class action against Metropolitan Tower Life Insurance Co. and Tishman Speyer Properties LP over their allegedly illegal pocketing of almost $25 million in tax breaks related to rent rates.

Residents of MetLife's Stuyvesant Town and Peter Cooper Village in New York brought the suit in 2007, alleging that since 2001 or 2002, MetLife has been wrongly charging tenants market prices while collecting millions of dollars through the city's J-51 program, which...
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