Realty Cos. Want $170M From US For Gulf Property Erosion

Law360, New York (January 2, 2014, 5:13 PM EST) -- Two realty companies hit the federal government with a $170M suit in the Court of Federal Claims on Thursday, alleging that a gradual and continuous process of erosion along the Mississippi River Gulf Outlet project amounted to a taking of the companies' properties without the power of eminent domain or just compensation.

Louisiana-based Borgnemouth Realty Co. and Livaudais Co. say they granted servitudes and rights of entry to the federal government in the 1960s for the construction of the MRGO, but that the government has since...
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