2nd Circ. Shuts Door On Developer's Apartment Buyout Suit

Law360, Los Angeles (July 31, 2013, 4:39 PM EDT) -- Real estate developer Pitcairn Properties Inc. on Wednesday in the Second Circuit lost its bid to revive its lawsuit claiming LJL 33rd Associates violated its fiduciary duties in its bid to take over a jointly held New York luxury apartment building valued at up to $80 million.

Pitcairn claimed LJL didn't disclose its intention to exercise a buyout option in its purchase of the property in the event of a leadership change at Pitcairn, with which it shared a partnership in the property. But the appeals...
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