NJ Court Axes Real Estate Investors' Suing Individually
By Martin Bricketto (March 2, 2015, 5:57 PM EST) -- Investors in two bankrupt real estate companies failed Monday to revive claims against other developers over losses on residential and commercial projects, when a New Jersey appellate panel agreed with a lower court that the dispute involved corporate claims that the investors lacked standing to individually pursue.
In a published decision, a three-judge panel of the state Appellate Division backed summary judgment for Roger Passarella and his companies Delray Holding LLC and Bay Dock Holdings LLC, which previously reached a settlement with Sofia Homes LLC and Sofia Design & Development at South Brunswick LLC over their tangled business dealings. Sofia Homes...
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