Court of Appeals Affirms Judgment in Favor of Segal McCambridge Client in Chicago Real Estate Dispute

News

June 21, 2013

Chicago, IL - On June 21, 2013, in a unanimous 3-0 decision, the Illinois Appellate Court (First District) affirmed a 2011 directed verdict ruling in favor of Segal McCambridge client and real estate investment group Richlin Partners, LLC against Chicago luxury high-rise condominium developer Grant Park 2, LLC. Shareholder Robert McLaughlin tried the case to verdict and led the successful appellate effort.

In 2006, Richlin Partners, LLC signed a purchase agreement to buy a $1,200,000 condominium unit in the One Museum Park West development. The developer, Grant Park 2, LLC, failed to complete and deliver the condominium on time, thereby breaching the contract. Grant Park 2, LLC argued that its contractual obligation to complete the condominium unit by the deadline specified in the contract was excused due to a multitude of delays. After a week-long trial in September 2011, Mr. McLaughlin obtained a directed verdict in favor of his client. Grant Park 2, LLC appealed the decision which the Illinois Appellate Court unanimously affirmed.

Mr. McLaughlin is currently representing more than 20 other buyers who signed purchase agreements totaling in excess of $17,000,000 to buy condominium units in the now failed One Museum Park West development. Following the acceptance of a deed-in-lieu of foreclosure from Grant Park 2, LLC, Bank of America established Grant Park Chicago Syndicated Holdings, LLC to be the new owner of record of the building, renamed The Grant. Mr. McLaughlin will petition the Circuit Court to apply the holding of the Appellate Court to all of his pending One Museum Park West lawsuits involving the identical “form” contract.