Real Estate Partnership Dispute Resolved Favorably Following Pre-trial Dismissal of Claims for Breach of Fiduciary Duty, Corporate Waste and an Accounting

Herrick negotiated a favorable settlement on behalf of a managing agent and its principals, resolving contentious litigation in New York state court between partners in a venture to develop and lease a medical office building. Prior to reaching the settlement, Herrick secured a number of advantageous rulings - including pre-trial dismissal of claims for breach of fiduciary duty, corporate waste and an accounting - which positioned our clients well in the negotiations that ultimately led to the partnership’s sale of its leasehold interest in the property on favorable terms, a transaction on which Herrick also advised.