Judge Awards Plaintiff $7.3 million in Lender Liability Suit
July 13, 2015
A circuit court judge in Broward County, Florida, awarded Pier Seventeen Marina and Yacht Club, L.L.C., a judgment of $7.3 million in a lender liability suit against a hedge fund and its general partner.
The case — Pier Seventeen Marina and Yacht Club, L.L.C. v. Jericho All Weather Opportunity Fund, L.P. et al. — arose from the hedge fund’s failure to fund a construction loan for a dockominium to be built on the New River in Fort Lauderdale, Florida. Pier 17 sued to recover its lost profits from the venture, as well as costs and a deficiency judgment from the property’s foreclosure.
Judge Carlos Augusto Rodriguez of the Seventeenth Circuit Court of Florida awarded a total of $7.3 million to the plaintiff, which included $4.1 million in lost profits, $1 million for a deficiency judgment, and $2.2 million in pre-judgment interest.
Fishman Haygood attorneys Jason Burge and Blair Schilling represented Pier 17 in the week-long bench trial. Attorneys Katie Lasky and Kerry Murphy from Jones, Swanson, Huddell & Garrison, LLC of New Orleans also served as co-counsel in the dispute.