Pierce Atwood LLP partner Jeffrey E. Francis and former attorney were granted a significant Summary Judgment on behalf of their client, a major U.K. financial institution, in the amount of (U.K.) £9,500,000 (approximately $14.7M) plus default interest of (U.K.) £1,550,344.53 (approximately $2.3M) and continuing to accrue at £1,431.57 per day, on breach of contract/breach of guaranty claims against real estate developers Bernard Wasserman, David Wasserman and Richard Wasserman. The dispute arose out of a loan made in connection with a real estate development to build a luxury resort behind the eighteenth green of the world famous golf course in St. Andrews, Scotland. The case was litigated before the U.S. District Court for the District of Rhode Island and the Honorable John J. McConnell, Jr., District Judge.
The Court also granted summary judgment dismissing the defendants’ lender liability counterclaims for more than $19,000,000, which purportedly arose, in part, from the defendants’ claim that the lender failed to negotiate in good faith with purported, potential buyers for the property, including Donald Trump and Dermott Desmond.
The decision is significant to lenders as it rejects lender liability, oral modification and similar arguments that developers often use to avoid entry of summary judgment and enforcement of lending documents.
The Court’s decision can be accessed here.
A transcript of the oral argument on the summary judgment motion can be accessed here.
About Jeffrey E. Francis, Litigation Partner, Boston, Massachusetts
Jeff is an experienced trial lawyer having successfully represented clients in intellectual property and complex commercial litigation matters throughout the country. Jeff's practice includes litigation matters involving patent, trademark, copyright and trade secret disputes; technology development and/or licensing, catastrophic loss and creditors rights.
Jeff has tried numerous matters in courts in Massachusetts, New York and Florida and before the American Arbitration Association. In addition, Jeff's trial work has resulted in what is believed to have been at the time the largest jury verdict in Massachusetts state court history.
Pierce Atwood LLP is one of the leading regional law firms in New England and the largest in northern New England with 135 attorneys who serve regional, national and international clients from offices in Portland and Augusta, Maine; Portsmouth, New Hampshire; Boston, Massachusetts; Providence, Rhode Island; Stockholm, Sweden; and Washington, D.C. Follow us on Twitter @PierceAtwoodLLP.