$381,229
Real Estate Litigation
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Case Details
A New Jersey couple was awarded more than $381,000 in a trial over a land deal where they lost money because a real estate cooperative’s Board of Directors failed to inform them that the property lacked required building permits.
Additional Notes
In Travers v. Edgewater Colony Inc. and the Board of Directors of Edgewater Colony Inc., New Jersey Superior Court Judge Alexander H. Carver III in Bergen County awarded the plaintiffs $381,229 plus interest and costs, finding that the defendants committed fraud, breach of fiduciary duty and negligent misrepresentation. The verdict followed a three-week trial. The Board knew of a DEP policy change requiring a state waterfront development permit for building but voted not to inform shareholders, leading to lost profit for the plaintiffs.