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...
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