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: Legal Pad | LAInvestors sue Deutsche Bank and Nevada Property 1 over late condos
By Richard Binder
Deutsche Bank and Nevada Property 1, owners of a casino-hotel resort named Cosmopolitan of Las Vegas, are being sued by condominium buyers who allege the residential units they bought in 2005 aren't being built after all. The suit claims the developers are fraudulently keeping nearly $100 million in escrow deposits paid for condos that were to open in early 2008.
The suit is filed by three southern California residents, who also joined 200 others in seeking an injunction in Nevada state court last Thursday alleging the owners are turning the condos into hotel rooms.
Amy Rossetti, spokeswoman in Las Vegas for the project developer and Deutsche Bank, called the claims "entirely without merit."
Full post as published by Legal Pad | LA on July 20, 2010 (boomark / email).
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