Investment Cos. Beat Shareholder Suit Over RE Securities
By Abraham Moussako (March 17, 2017, 8:07 PM EDT) -- A group of investors can't revive a lawsuit accusing two companies of hiding costs from a real estate investment marketed as a way to avoid capital gains taxes, a California state appeals court ruled Thursday, ruling the claims were brought too late and the assets at issue were not directly owned by shareholders named in the lawsuit.
A Fourth Appellate District panel released IUC-SOV LLC and its parent company, Sovereign Capital Management Group Inc., from a lawsuit in which investors in a multimillion-dollar Pennsylvania real estate venture accused Daymark Advisors, a successor of the original property owner, of hiding costs that...
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