NorthMarq's Failed Refinancing Didn't Cause Losses: 3rd Circ.

Law360, New York (February 10, 2014, 7:36 PM EST) -- The Third Circuit ruled Monday that a suburban Philadelphia apartment complex's owners cannot pursue negligence claims against a NorthMarq Capital LLC broker whose bid to refinance the complex's $27 million mortgage failed, finding that the property owners' independent decisions led to its losses.

A three-judge panel affirmed a Pennsylvania federal court's order dismissing Chetty Holdings Inc.'s negligence claims against NorthMarq and employee Timothy Kuhn, finding that Chetty failed to establish proximate cause that Kuhn's actions led to its losses and ruling that Kuhn did not owe...
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