5th Circ. Slashes $50M Verdict In Soured Apartment Deal

Law360, New York (February 4, 2014, 3:34 PM EST) -- The Fifth Circuit on Tuesday partially affirmed a jury's decision barring American Reality Trust from pursuing claims of fraud against the seller of eight apartment complexes it had agreed to buy, but asked the lower court to recalculate the damages the company owes in the 15-year-old dispute.

The appeals court affirmed a jury's finding that ART wrongly terminated its contract to buy the buildings from David Clapper, owner of Atlantic Midwest LLC, when it tried to cancel the deal before all the properties had changed hands,...
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