2nd Circ. Asked To Revive Developer's Apartment Buyout Suit

Law360, New York (April 15, 2013, 8:36 PM EDT) -- Real estate developer Pitcairn Properties Inc. asked the Second Circuit Monday to reopen a suit alleging a business partner tried to cheat it out of its stake in a more-than $50 million Manhattan apartment building.

LJL 33rd Associates, which, with Pitcairn, co-owns a luxury building near Manhattan’s Herald Square, breached its obligation to buy out Pitcairn out equitably, a lawyer for the company told a three-judge panel at oral arguments.

“They owe each other a fiduciary duty,” said Glenn A. Weiner of Klehr Harrison Harvey Branzburg...
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