1st Circ. Sticks Orix With Testing Costs, Atty Fees

Law360, New York (November 12, 2013, 10:00 PM EST) -- The First Circuit on Tuesday partially reversed the decision of a Massachusetts state court awarding Orix Capital Markets the environmental testing costs on a foreclosed property, finding no chemical liability that violates the property's environmental indemnity agreement.

Cadlerocks Centennial Drive LLC defaulted on nearly $1.5 million in 2010, prompting Orix, a trustee for lender Salomon Brothers, to begin foreclosure proceedings. After discovering trace levels of the carcinogen ethylene perchlorate on the property and detecting a payment from Cadlerocks' business account to his personal one, Orix sued,...
To view the full article, register now.




Case Information

Case Title

ORIX Capital Markets, LLC v. Cadlerocks Centennial Drive, et al

Case Number



Appellate - 1st Circuit

Nature of Suit

4190 Other Contract

Date Filed

February 1, 2013

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.