Payne & Fears LLP Wins Major Jury Verdict for Estancia Coastal LLC
Payne & Fears LLP won nearly $10 million in a jury trial in the San Diego Superior Court which concluded on December 27, 2011, on behalf of Estancia Coastal LLC. Estancia Coastal LLC is a subsidiary of TriPacific Capital Advisors, an investment advisor to the Los Angeles County Employees Retirement Association. Judge Thomas P. Nugent presided over the trial.
Estancia had entered into a "land banking" transaction with KB Home, a publicly held homebuilder, for a residential housing project in San Diego County. When the real estate market collapsed, KB Homes...