Jilted Developer’s $2.5M Win Against Principal Scrapped

Law360, New York (January 24, 2012, 1:46 PM EST) -- A Texas appeals court on Monday scrapped a $2.49 million award to a real estate developer that sued Principal Life Insurance Co. after losing out on a deal for a shopping center, finding no evidence of a binding oral contract between the parties.

The Court of Appeals for the Fifth District of Texas at Dallas squarely backed Principal against claims the company breached an oral agreement to sell a $16.8 million note securing the shopping center to Revalen Development LLC, an entity belonging to Paul Cheng...
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