Harwich East Plaza LLC v. Victor Cassone, Shanon Ford, Erinn Ford, Mark McCloskey, Philip Pizelo, Multi-Financial Securities Corp., Pacific West Securities Inc. and Pacific West Financial Group Holding Co.
Published: Jun. 15, 2013 | Result Date: Jun. 4, 2013 | Filing Date: Jan. 1, 1900 |Case number: 12-01608 Arbitration – $5,088,400
Facts
Harwich East Plaza LLC filed suit against Victor Cassone, Pacific West Securities Inc., and others, asserting causes of action for breach of contract, breach of fiduciary duty, constructive fraud, negligence, misrepresentation, unsuitability, omission of facts, and unfair trade.
The causes of action related to Tenant in Common real estate investments.
Damages
Harwich requested $5.8 million in compensatory damages, rescission, and indemnification from any liability in connection with mortgage loans and agreements, and punitive damages.
Result
The arbitration panel found that Cassone and Pacific West Securities were jointly liable to Harwich for compensatory damages in the amount of $2,497,198. Harwich was also awarded $2,497,198 in punitive damages, $100,000 in attorney fees, and $30,000 in costs.
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