Amalgamated Bank's $2.3M RE Appraisal Award Reinstated

Law360, New York (August 13, 2013, 3:36 PM EDT) -- A New York state appeals court on Tuesday reinstated Amalgamated Bank's $2.3 million default judgment of negligence against Helmsley-Spear Inc. over an allegedly faulty appraisal, finding a lower court erred in allowing Helmsley-Spear's former owner to wade into the proceedings post-judgment.

A five-judge First Department panel reinstated the award, granted in March 2011 against Helmsley-Spear, and ruled that New York Supreme Court Judge Shirley Werner Kornreich's move in December to allow the real estate firm's erstwhile controlling shareholder Lynn C. Schneider to intervene was in error....
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