2nd Circ. Affirms $13M Award In Rail Yard Contract Dispute

Law360, New York (February 3, 2012, 7:15 PM EST) -- The Second Circuit on Friday affirmed a lower court's ruling that real estate developer Stanley E. Thomas and S. Thomas Enterprises of Sacramento LLC owe New York-based Jerde Development Co. $10 million plus interest in a dispute over a rail yard development project.

The plaintiffs, Joel Ross and Eric Levine, had argued that under an operating agreement with Thomas, they were entitled to a 23 percent share of any excess cash that came into the account of a limited liability company the parties set up to...
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