The Impact of Litigation in Co-ops & Condos
Herrick real estate partner, Andrew Freedland, was quoted in an article from The Cooperator Chicagoland, discussing the impact of litigation on a condominium or cooperative and how to manage through it.
When Cooperator asked Andrew about cases where the board is being sued or an individual member of the board is named in a suit, he noted they are essentially bringing a legal action against their neighbors—neighbors who have volunteered their time and energy to govern the community.
Andrew is quoted as saying, "All of this makes for some difficult logistics. If you have a shareholder suing the co-op, it goes without saying that depending on what the suit is, large or small, you may not be able to release any details at an annual meeting. Other shareholders may be very curious, because they are ultimately responsible if there is a judgment against the co-op, which could result in an assessment."
Read the full piece in The Cooperator Chicagoland here.