DelShah Loses Fraud Suit Over $4M Loss In Condo Conversion

Law360, New York (May 29, 2013, 3:42 PM EDT) -- A New York federal judge on Tuesday tossed a securities fraud suit tied to a failed commercial-to-residential condominium conversion, finding that Zamir Equities LLC hadn't misrepresented the project and that DelShah Capital LLC's $4 million investment loss was a product of its own mistakes.

The decision follows nearly three years of litigation and, most recently, a bench trial that spanned several months, surrounding the project at 40 Broad St. in Manhattan, according to court documents. DelShah had claimed that Zamir misled it about the project's progress and cost, and that one of Zamir's managers had secretly sold the firm all of...

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